1. Suppose you are buying your first house for $350,000.00 and are making a 20% down payment. You have arranged to finance the remaining amount with a 30-year monthly payment amortized mortgage at a 5.75% nominal interest rate. What will your monthly payments be?

a. $1,634.00

b. $1,900.88

c. $1,255.93

d. $1,962.70

e. $2,024.02

2. What is the estimated payoff on the mortgage question above after you have made monthly payments for 10 years? Show how you obtained the mortgage balance using Excel and the balance.

3. How much in mortgage interest would you have to pay over the 30 years of the mortgage life? Also, what is the total amount (of principal and interest) paid on the mortgage? Show how you obtained your answers using Excel or financial calculator.
   1. $385,301.80; $665,301.80
   2. $308,241.44; $588,241.44
   3. $385,301.80; $735,301.80
   4. $308,241.44; $658,241.44
   5. None of the above