6. You have recently purchased a home and taken out a $300,000 thirty (30) year mortgage with an annual nominal or stated interest rate equal to 3.00%. What is your monthly mortgage payment on this mortgage? How much of your first monthly payment is interest expense and how much of your first monthly payment is principal paydown? 15-year Mortgage Amount Mortgage Period - Years Annual Interest Rate Compounding periods (per year) $300,000 30 3.00% 12 Monthly Mortgage Payment First Month Interest First Month Principal