Suppose you took a $100,000 15 year fixed-rate mortgage at 4.5% (APR) 3 years ago. Now th interest rate has dropped to 4%, and you are considering refinance your mortgage. (1) What was the original monthly payment? (2) Suppose you just made the 36h monthly payments. What is the remaining mortgage bala (3) If you refinance with mortgage with another bank and keep the remaining term (that is, 1 until the mortgage is paid off), what would the new monthly payment be? number of years. The first scholarship is to be offered exactly one year from now. When the sche is offered, the student will receive Y 100,000 annually for a period of four years, beginning from date the scholarship is offered. This student is then expected to repay the principal amount recei (Y 400,000) in 10 equal annual installments, interest-free, starting two years after the last paym the scholarship. This implies that the foundation is really giving an interest-free loan under the g scholarship. The current interest is 6% and is expected to remain unchanged. (1) What is the PV of the first scholarship? (2) The foundation invests a lump sum to fund all future scholarships. Determine the size of the investment today