A partially amortizing mortgage is made for $70,000 for a term of 10 years. The borrower and lender agree that a balance

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A partially amortizing mortgage is made for $70,000 for a term
of 10 years. The borrower and lender agree that a balance of
$22,000 will remain and be repaid as a lump sum at that time.

Required:
a. If the interest rate is 7 percent, what
must monthly payments be over the 10-year period?
b. If the borrower chooses to repay the
loan after five years instead of at the end of year 10, what must
the loan balance be?