QUESTION 1.1

QUESTION 1.2

Banu and Christopher borrowed $55,000 at 7.04% compounded annually as a second mortgage loan against their current home. Repayment amount is $2,450 at the end of every three months. a. How many payments are required to repay the loan? Number of payments = b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Emilio took out a mortgage of $558,000 for a house and just made the 72 nd end of month payment. Interest on the loan was 3.42% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary. 1) What are his monthly payments? 2) What is his current outstanding balance after the 72 nd payment