A) You will borrow $200,000 for 20 years with monthly payments. The loan is a variable rate. If the interest rate turns out to 8% for the first 6 years and 4% for the last 14 years, what will be the total interest paid over the life of the loan?

B) If the banks policy is such that the loan payment can be no more than 28% of your income, what is the minimum annual income necessary to qualify for this initial loan?

Please show all steps so that I can follow along and understand how it is done. Thank you so much!