a) Four years ago, you borrowed $250,000 for 20 years at 8 percent. Payments are made monthly. How much interest have you paid thus far? $

b) You recently assumed a 15-year mortgage for $250,000 at 3.5 percent interest. How much of the second monthly payment will be applied to the principal balance? $

c) You have a 25-year mortgage at 5 percent interest. The initial loan amount was $250,000. By how much did the principal decrease over the first 10 years of the loan? Payments are made monthly. $