Calculating the payment on a loan: Question 2: A borrower wants to take a 30 year fixed rate mortgage for $166,791.61 with monthly payments. If the interest rate on these loans is 6% annually (compounded monthly), what is the monthly payment? Question 3: Suppose the borrower is thinking about paying off his loan quicker, so he wants to know what the payment would be on a 15 year with a 6% interest rate, what would the payment be on loan amount of $100,000? Finding the remaining mortgage balance (RMB Question 4:Suppose a borrower takes out a 6%, $100,000 payments). What is the RMB of the mortgage after one month? After two months? loan, amortized over 15 years (with monthly Question 5: For a loan of $100,000, at 7% (annual) interest for 30 years with monthly payments, what will be the balance of the loan at the end of four years? Question 6:Suppose that you borrowed $200,000 in the form of a 30-year fixed-rate mortgage with an annual interest rate of 6% with monthly payments and monthly compounding. i. What will your monthly payment be for this loan? i. How much will you still owe at the end of the 15 year? ii. How much of the 1 payment will consist of principal