Question: 1. What is the required monthly payment on a $970,000.00 mortgage. Assume a standard mortgage (360 months) with monthly payments. Use a nominal rate (monthly

1. What is the required monthly payment on a $970,000.00 mortgage. Assume a standard mortgage (360 months) with monthly payments. Use a nominal rate (monthly compounding) of 5.40%.

2. Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.30%. What portion of the payments during the first 33 months goes toward interest?

3. Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.10%. What portion of the payments during the first 34 months goes toward principal?

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