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3. (8 points) Time, Opportunity Costs and Value Decisions Suppose you take out a $350,000 fully-amortizing fixed rate mortgage loan that has a term of

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3. (8 points) Time, Opportunity Costs and Value Decisions Suppose you take out a $350,000 fully-amortizing fixed rate mortgage loan that has a term of 30 years and an interest rate of 3.75%. a) (2 points) What is the total payment at maturity? b) (2 points) What is the total interest paid? c) (2 points) What percent (%) of the total payment was paid to interest? d) (2 points) What percent (%) of the total payment was paid to principal? 3

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