Amy wants to take out a mortgage and qualifies for a $150,000 loan at an interest rate of 5%. She is debating the pros and cons of a 30 year mortgage but believes it will be her best option.

1. What is her monthly payment assuming no money down?
2. How much total interest will be paid if she makes all 360 minimum payments?
3. How much total interest has been paid with the 12^th payment?
4. How much total interest has been paid with the 36^th payment?
5. Briefly describe what happens to the total interest at 12 months, 36 months and the total interest paid if one additional payment per year is made. Include the numbers!