1. a. 30-yr fixed rate mortgage: 500,000 borrowed, 5% APR

What is the monthly payment?

(format your answer as a positive number, round to nearest cent)

b. How much of the first payment will go toward interest?

c. How much of the first payment will go to principal?

d. How much principal is outstanding after 50 payments have been made?

e. How much in interest will you have paid in the first 50 payments?

f. How much of the 51st payment will go toward principal?