1. Note: The information presented here applies the questions 11 and 12. You borrowed $350,000 using a 30-year fixed-rate mortgage with a contract rate of 6%. The loan gives you the choice between making the scheduled fully amortizing payment or a minimum payment of $1500. After this initial two-year period, the existing balance of the loan is amortized over the remaining 28 years of the loan's term. If you make the minimum payment each month for the first two years, what is your new mortgage balance after making these payments?

B)If you make the minimum payment each month for the first two years of the loan, what will your fixed monthly payment be for the remaining term?

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