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Problems 13-16 are based on the following information: You've just taken a 30-year $600,000 mortgage...

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Problems 13-16 are based on the following information: You've just taken a 30-year $600,000 mortgage with a monthly interest rate of 0.5% (monthly compounded APR=6%). Based on this information, you found that your monthly payments are $3,587.30 Problem 13: How much of your SECOND monthly payment will go toward the interest payment? Problem 14: What will be your mortgage balance 10 years from now (i.e., right after you make your 120th payment?) Problem 15: If you pay extra $20,000 four years from now (i.e., your 48th payment is $23,587.30 instead of $3,587.30) and extra $50,000 ten years from now (i.e., your 120th payment is $53,587.30 instead of $3,587.30), how soon will you repay the mortgage (i.e., how many total payments will it take to repay your mortgage)? Note that if you computed a non-integer number of months, you must round it up. For example, if your found N=251.3, the answer should be 252 months

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