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Five years ago you took out a 5/1 adjustable rate morlgage and the five-year fixed...

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Five years ago you took out a 5/1 adjustable rate morlgage and the five-year fixed rate period has just expired. The loan was originally for $303,000 with 360 payments at 42% APR, compounded monthly. a. Now that you have made 60 payments, what is the rertaining balance on the loan? b. If the interest rate increases by 0.8%,105% APR, compounded monthly, what will be your new payments? a. Now that you have made 60 payments, what is the remaining balance on the loan? The remaining balance on the loan is : (Round to the nearest cont.) b. If the interest rate increases by 0.8%, to 5% APR, compounded monthly, what will be your now payments? The new payment is : (Round to the nearest cent.) You have just sold your house for $900,000 in cash. Your mortgage was originally a 30 -year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly 181/2 years old, and you have just made a payment. If the interest rate on the mortgage is 5.25% (APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to round any intermediato steps less than six decimal places.)

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