A fully amortizing mortgage loan is made for $100,000 at 4.5% for 30 years. Payments will be made monthly.
Calculate the following:
a. Monthly payments
b. Interest and principal payments during month 1.
c. Total interest and principal payments made over the life of the loan (30 years).
d. If the property were sold at the end of year 15, how much is still owed on the mortgage?
e. At the end of year 15, how much has been paid in interest and principal in total?