B.Amort Worksheet Sep 17 - Word Search ances Mailings Review View Help Acrobat 2. You take out a 15-year mortgage for $300,000. The rate is 3%, compounded monthly a. What will your monthly payment be? b. How much interest do you owe at the end of the first month (before you make the first payment)? c. How much of your principal (the amount you borrowed from the bank), will you be able to pay off at the end of the first month (after you make the first payment)? d. At the end of the 15 years, after you pay your last monthly payment, how much total principal will you have paid back (HINT: you can use Excel to calculate this and paste in the whole amortization table, but there you don't even need a calculation - just explain your answer)? e. How much interest will you have paid, over the life of the loan (HINT: you can use Excel to calculate this and paste in the whole amortization table, but there is a quicker way to do it). f. What is your EAR on this loan