14. Unit 15.3 Amortization with a financial calculator 15. Assume you get a 25-year $130,000 mortgage loan at 6.5% interest. Use your financial calculator to determine (a) your monthly payment; (b) interest, principal, and remaining balance for the first monthly payment; (c) balance after payment 77; (d) interest for the entire 25-year term; and (e) exact amount of the final payment. 16. You get a 20-year $600,000 mortgage loan at 7.5% interest. Use your financial calculator to determine your monthly payment. Then, assuming your first payment is due March 1, find interest, principal, and remaining balance for each of the first 3 calendar-years. For Problems 17-24, assume you get a 30-year $90,000 mortgage loan at 7.25% interest. 15. M P 16. P F 17. Calculate the monthly payment (PI). 18. Based on making 360 payments of $613.96, what is the total interest over the 30 years? 19. Use your amortization registers to calculate (a) interest for the entire 30 years and (b) balance after 360 payments of $613.96. 20. Compare the total interest of Problem 18 with the total interest of Problem 19. If there is a difference, explain which answer is correct, and why. 21. After making payments for 10 years, what is your balance? 22. After 10 years, you have made 1/3 of the payments. Why isn't 1/3 of the loan balance paid off? 23. How many months will be left on the loan when the 1/3 of the balance is repaid? 24. How many years will it take for 1/3 of the loan balance to be repaid? Homework Assignments