Question 1:

Question 2:

Consider a mortgage in the amount of $111,000 with a 15 year amortization and a 4 year term. Assume interest rates are i(12) = 12.3%. (a) Find the regular monthly payment assuming these payments are rounded up to the nearest dollar. Number (b) Find the final monthly payment amount (rounded to the nearest cent) on the last day of the amortization period (assuming rates don't change over the amortization period) Number (c) What are the values in the 32nd row of the mortgage amortization schedule (round to the nearest penny)? (1) Opening Balance : Number (ii) Interest : Number (iii) Payment : Number (iv) Closing Balance : Number == 15.9%.Find the (d) At the end of the mortgage term, assume that rates have increased to i(12) new monthly payment rounded up the the nearest dollar. Number You need to ensure you have a balance on hand of $6,000 in 9 years to satisfy a future obligation. You decide to make deposit into a sinking fund each month. Assume interest rates are (1) = 15.1%. How big must the deposit be (rounded up to the nearest cent)? Number