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You have just purchased a home and taken out a $550,000 mortgage. The mortgage has a 30 -year term with monthly payments and an APR of 5.28% a. How much will you pay in interest, and how much will you pay in principal, during the first year? b. How much will you pay in interest, and how much will you pay in principal, during the 20th year (i.e., between 19 and 20 years from now)? a. How much will you pay in interest, and how much will you pay in principal, during the first year? The principal payment will be \$ (Round to the nearest cent.) The interest payment will be \$ (Round to the nearest cent.) b. How much will you pay in interest, and how much will you pay in principal, during the twentieth year (i.e., between 19 and 20 years from now)? The principal payment is $ (Round to the nearest cent.) The interest payment is \$ (Round to the nearest cent.) You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You are considering making an extra payment of $200 today (that is, you will pay an extra $200 that you are no required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $200 ? If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is \$ (Round to the nearest cent.) What rate of return (expressed as an APR with monthly compounding) have you earned on the $200 ? Effective rate is %. (Round to the nearest integer.)

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