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2. Camer buys a house for $287,000. He pays 20% down payment and takes out a mortgage at 4.45% on the balance. Find his
2. Camer buys a house for $287,000. He pays 20% down payment and takes out a mortgage at 4.45% on the balance. Find his monthly payment and the total amount of interest he will pay if the length of the mortgage is (a) 15 years (b) 20 years (c) 30 years (d) If the loan is 30 years. Each month, an extra amount of money equal to 1 monthly payment was added to the principal. How much more quickly was the loan paid off? (e) Calculate how much money is saved in interest payments for part (d) without using the TVM solver. (f) Construct an amortization schedule for the 30-year mortgage with the extra payment (in part d) for the first three payments.
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