You borrow a GPM of $450,000 with annual payments and 15-year term. The interest rate is

4.5% and the payment factors from year 1 to year 15 are: 50%, 50%, 50%, 50%, 50%, 75%,

75%, 75%, 75%, 75%, 100%, ..., 100%.

Questions:

1. What are the annual payments for years 1 to 15?

2. What is remaining balance at the end of each year?

3. What are the interest payment and principal payment for years 1 to 15?

4. Answer the questions (1) to (3) above if annual payment is changed to monthly payment