You bought a duplex exactly 9 years ago. You paid $56,000 for the duplex. The land was worth $6,000 when you bought the duplex. You made a 20% down payment and financed the balance for 30 years at 10.5%. The loan was fully amortized with monthly payments and you paid 3 points so the lender would fix the rate for the term of the loan. You have a need for money now and wish to borrow against the property via a second mortgage. The property has appreciated 8% per year. The second mortgage terms are 14.5%, 15 years monthly payments, fully amortizing, 80% loan to value ratio, with no points required. You depreciated the improvements for 15 years using a straight line technique. Show work below please. a. Effective interest rate on 1st mortgage b. What is the book value of the property today at the end of the gth year? c. How many dollars did you borrow using the second mortgage? d. How many you owe on the property in 5 years