Question: 4. Smith obtains a fully amortizing 30 year Fixed Rate Mortgage with annual payments for $450,000 at 4.25%. How much does Smith need to pay

4. Smith obtains a fully amortizing 30 year Fixed Rate Mortgage with annual payments for $450,000 at 4.25%. How much does Smith need to pay annually?

5. Smith obtains a fully amortizing 15 year Fixed Rate Mortgage with monthly payments for $450,000 at 4.25%. How much does Smith need to pay per month?

6. Smith is willing to spend $2,000 per month on her mortgage payment. If Smith obtains a fully amortizing 30 year Fixed Rate Mortgage with $2,000 monthly payments at 4.25%, how big of a mortgage can she get?

7. Smith obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $450,000 at 4.25%. What will be Smiths mortgage balance after 20 years of payments (i.e. after 240 months)?

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