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You plan to purchase an $120,000 house using a 15-year mortgage obtained from your local...

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Finance

You plan to purchase an $120,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 4.25 percent. You will make a down payment of 10 percent of the purchase price.

a.

Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Monthly payment $

b.

Calculate the amount of interest and, separately, principal paid in the 90th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Amount of interest $
Amount of principal $

c.

Calculate the amount of interest and, separately, principal paid in the 110th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Amount of interest $
Amount of principal $

d.

Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Amount of interest paid $

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