[Danny Pizzo]

with an 8%, 30-year mortgage. You make a 20% down payment to avoid PM? 1) What is your monthly payment?2) Amortize the first and second payments3) What is the mortgage balance after 5 years?4) What percent of the principal is payed off after the 5 years?5) Suppose after 5 years you refinance at % the remaining balance at a cost of $10,000 for 30 years. What is your new monthly payment?6) Further, suppose you maintain the same payments as in (1), i.e. pre-pay on the principal, how many years until you pay off the mortgage?I'm having lots of trouble answering this question. I treated it as an annuity and got some bizarre calculations. I'm lost, please help!