15) You obtain a 20 year mortgage for $150,000 with a 6% interest rate. Your yearly mortgage payment is $13,078. When the first loan payment is made what is the amount applied to the Principal, and what is the new loan balance? Payment Interest Exp. Principal Loan Balance $150,000 Date of Issue Year 1 $13,078 A) $13,078 is applied to the Principal, and new Loan Balance is $136,922 B) $0 is applied to the Principal, and new Loan Balance is $150,000 C) $4,078 is applied to the Principal, and new Loan Balance is $145,922 D) $9,000 is applied to the Principal, and new Loan Balance is $145,922