*****PLEASE EXPLAIN HOW TO SOLVE USING THE FINANCIAL CALCULATOR****

Use the following information for the next 14 questions. Julie wants to buy a lovely house in the Dominion she saw advertised for the bargain price of $1,000,000. She will make a 20% down payment, and the lender will charge 3 discount points. The interest rate is 4.5%, for this 30-year loan. How much will the lender actually disburse?

QUESTION 2

1. How much will Julie's principal and interest payment be each month?

   		3,414.36
   		3,665.99
   		4,053.48
   		4,740.51

1 points

QUESTION 3

1. After 1 year, how much will Julie have paid into principal?

   		4,415.71
   		4,941.72
   		5,047.62
   		12,905.79

1 points

QUESTION 4

1. After 1 year, how much will Julie have paid into interest?

   		32,293.18
   		33,871.57
   		34,629.83
   		35,735.97

1 points

QUESTION 5

1. For Julie's 22th payment, how much will be applied to interest?

   		1,161.16
   		1,441.24
   		2,913.85
   		3,184.84

1 points

QUESTION 6

1. For Julie's 27th payment, how much will be applied to principal?

   		1,161.16
   		1,586.42
   		1,603.18
   		1,624.20

1 points

QUESTION 7

1. What is Julies balance after her 48th payment?

   		531,461.36
   		570,357.34
   		694,204.14
   		744,709.33

1 points

QUESTION 8

1. What is the lender's yield (expressed as an APR) to Julie, assuming that the mortgage is paid off after 30 years (full term)?

   		4.762%
   		5.695%
   		6.905%
   		7.011%