(Mortgage, finding r, payment breakdown, and outstanding balance) You are interviewing with one of the largest mortgage brokerage firms. Your future boss asks you to analyze a $150,000 mortgage with 10 years to maturity and monthly payments of $2,000 (120 payments).

a. What is the monthly rate on the loan?

b. Break down the 10th payment to principal payment and interest payment.

c. What is the outstanding balance of the loan after 4 years?