a. what is the total loan amount

b. how much does max need to pay now

c what is the monthly payment

d how much kf the second payment is towards principal

Use the following information for Questions 12 to 15 Max is planning to buy a house. After some negotiation, Max agrees to pay $500,000 for the house. Being short of cash, Maxis going to take a 30-year monthly compounding mortgage from his bank with an APR of 6%. The bank is willing to lend 80% of the house price to Max if Max can pay for the rest 20% of the house price and the closing cost (5% of the loan amount) with cash. 4 pts