1. What must be the end-of-month mortgage payment amount required to repay a loan of $52,000 in 25 years? Assume k=0.14 (14%) with monthly compounding.
a. 622
b. 624
c. 626
d. 628
2. What is the payback period for the following set of cash flows?
YearCash Flow
0–$5,400
1- 1,475
2- 1,675
3 -2,075
4 -1,575