1. You take out a $250,000 American mortgage with a 30-year amortization period, a 5-year term, and a 4% posted mortgage interest rate. What is your monthly mortgage payment? When the mortgage expires in 5 years, what is the unpaid balance? (please show formula work and no excel calculation)
2. Badet Corp. has a Yuan 1 Million invoice it need to pay in three months. The Yuan spot rate is $0.1250 today and is forecasted to change to $0.1235 in three months. When the bill is paid, how many dollars will Badet need? What would be the amount if the Yuan stayed unchanged?