#$3$: Create a table showing the payment of a mortgage of $$207,000$ month by month. Create columns for:

Time $($in years$)$

Interest $($for that month$)$

Payment $($always the same value$)$

Payment against principal

Remaining Principal

The mortgage is to last $37$ years, and the nominal interest rate is $4\mathrm{.}99\%$

$($a$)$ What is the monthly payment?

$($b$)$ What is the interest paid at the end of the $9$th month?

$($c$)$ How much of the principal is paid down by the payment made at the end of the $22$ nd month?

$($d$)$ The first time that the portion of a monthly payment that is paying down the principal will be larger than the portion paying interest will occur at the end of month number