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1. a) A constant payment, fully amortizing mortgage loan is made for $100,000 at 8 percent interest for 30 years. What would payments be if they are calculated monthly (rounded to the nearest dollar)?b) what would payments be if they are calculated annually (rounded to the nearest dollar)?c)what would payments be if they are calculated weekly (rounded to the nearest dollar)?d) how much total interest would be paid over the entire 30 year life of the mortgage if payments are compounded monthly (rounded to the nearest dollar)?e) how much total interest would be paid over the entire 30-year life of the mortgage if payments are calculated annually (rounded to the nearest dollar)?2. a) A 30-year fully amortizing mortgage loan was made 10 years ago for $75,000 at 10 percent interest. The borrower would like to prepay the mortgage balance by $10,000. Assuming he can reduce his monthly mortgage payments, what is the new mortgage payment (rounded to the nearest dollar)?b) assuming the loan maturity is shortened and using the original monthly payments, what is the new loan maturity (in months)?
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