The Thaler family recently purchased their first home. The house has a 30-year, $365,000 mortgage. The mortgage has a nominal annual interest rate of 3.75%. All mortgage payments are made at the end of the month.

1. What is the monthly payment on the mortgage?
2. What percentage of the first payment will go towards interest and towards repayment of principal?
3. One month your payment is 15 days late. Therefore, your company charges you a late fee of $50. What EAR is the company charging you for the late payment?
4. If you cut the payment in half and pay every two weeks (note that this entails making an extra payment per year because there are 26 two-week periods), how long will it take to pay back the loan?

*please show the work done for each problem on either excel (preferred) or hand written.