Question: 4. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with annual payments for $1,500,000 at 7.05%. How much does Ann need to pay annually?

4. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with annual payments for $1,500,000 at 7.05%. How much does Ann need to pay annually?

5. Ann obtains a fully amortizing 15-year Fixed Rate Mortgage with monthly payments for $1,500,000 at 7.05%. How much does Ann need to pay per month?

6. Ann is willing to spend $5,500 per month on her mortgage payment. If Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments at 7.05%, how big of a mortgage can she get?

7. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,500,000 at 7.05%. What will be Anns mortgage balance after 20 years of payments (ie after 240 months)?

8. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,500,000 at 7.05%. What percent of Anns 20^th payment goes to interest? Show your work.

9. Ann obtains a fully amortizing 30-year Fixed Rate Mortgage with monthly payments for $1,500,000 at 7.05%. What percent of Anns 20^th payment goes to principal? Show your work.

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