With a graduated payment mortgage, your initial payments are too low to amortize your loan at the

standard rate. If a $125,000$ mortgage with a $9\%$ interest rate is chosen, and the first year payment is

$$\frac{750}{m}o.,$ what will the balance be after the first year? How much will you have paid into interest in

the first year?

You have acquired a $$115,000$ mortgage at $7\mathrm{.}125\%,$ for $30$ years. If you make a triple payment

on the first anniversary of the mortgage, and then make the fuired payments from then on$,$ how

many fewer mortgage payments will you make than if you just paid your required amount for the life

of the loan.