8) and 9) This is just to let you know that the mortgage problem counts as two questions. You may do your work on the sheet and write your final results on the exam. Just write out "Principal Balance at the Beginning= " etc and fill in the answer.

8) and 9) You just purchased a house for $300,000. The bank requires a down payment of 10%, and they will lend you the remainder as a 20-year monthly payment mortgage with a fixed rate of 6%. The mortgage will be paid monthly and your tax rate is 30%. Please fill in the following chart:

Month	Prin. at Beginning	Monthly Payment	Interest Paid	Prin. Repaid	Tax Benefit	Prin. at End
Month 1