econ problem

Rick the developer is having a hard time selling a house listed at $300,000. Being desperate he decides to offer financing: a $300,000 super "sub-prime" 25- year mortgage at a mere quoted 6% (annual yield). Payments are monthly. (When calculating the effective interest rate, use 8 decimals)

1:What is the monthly payment Rick is asking the purchaser to make? Hint: calculate monthly effective interest rate

Rick is so desperate that he is also willing to sell the house for $150,000 cash today. Hank can get financing from the bank at a mortgage rate of 8% (annual yield).

2:What is the monthly payment on this bank mortgage for $150,000 amortized over 25 years?

3 Which of the above mortgages should Hank take?

4How much Hank would save in present time?

Hank's monthly salary is $3,000 and by law he cannot pay more than his one-third income as installment.

5 How many years it would take Hank to pay the mortgage loan if he decided to take the loan from the bank?

6 What is the number of years that minimize the installment and how much would be the installment?