*****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?
2. 3,414.36
3. 3,665.99
4. 4,053.48
5. 4,740.51

1 points

QUESTION 3

1. After 1 year, how much will Julie have paid into principal?
2. 4,415.71
3. 4,941.72
4. 5,047.62
5. 12,905.79

1 points

QUESTION 4

1. After 1 year, how much will Julie have paid into interest?
2. 32,293.18
3. 33,871.57
4. 34,629.83
5. 35,735.97

1 points

QUESTION 5

1. For Julie's 22th payment, how much will be applied to interest?
2. 1,161.16
3. 1,441.24
4. 2,913.85
5. 3,184.84

1 points

QUESTION 6

1. For Julie's 27th payment, how much will be applied to principal?
2. 1,161.16
3. 1,586.42
4. 1,603.18
5. 1,624.20

1 points

QUESTION 7

1. What is Julies balance after her 48th payment?
2. 531,461.36
3. 570,357.34
4. 694,204.14
5. 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)?
2. 4.762%
3. 5.695%
4. 6.905%
5. 7.011%