Business math 160, please answer all 5

Great news! A distant relative of mine just died and left me a whole house! (Other side of the family from yot sorry!). Anyway, I heard you've been studying financial math at UWL and I'm hoping you can help me out a litt bit. The house is really nice and stuff, but I don't want to move so I'm trying to figure out what to do with it: shou 1 sell it or should I rent it out? First of all, there is a Mortgage on the house that I don't understand. Apparently, this distant relative of mine actuall just closed on the house the day before they died - kind of sad they didn't get to live in it! The loan was for 41 thousand dollars at 6% interest for 30 years. I just got the very first monthly bill and it says I have to pay like WAY more interest than principal - does that soun right? Shouldn't the interest only be like 6% of my bill? Can you work out what my payments on this mortgag should be, and how much principal and interest I owe on the first bill so I can confirm that the bank isn't scammin me? If it's true that I am supposed to be paying more interest than principal, can you explain WHY? I'm confused.... Again, assuming this bill is correct, it seems like it will take me way more than 30 years to pay off the mortgage. Can you tell me how much will be paid off after 15 years? Will it be halfway paid off? If not, when will it be halfway paid off? Now on to what 1 should do with the house: I've asked around and already got an offer for $499,000, and a realtor friend said they can take care of all of the paperwork for a 7\% commission. If I took this offer I could immediately pay off the mortgage in full and invest whatever is left over in a High Yield Savings Account I found that says it has an APY of 2.80% (whatever that means!). I've also looked at the rental market in the area and I believe that I can rent the house out for $3500 per month. If I went with this option, I would use the money to pay the mortgage and put the rest into a Fixed Annuity I found that offers 4.7% annual interest. Oh, I would also have to pay the property taxes before putting the leftover money into the annuity. The property tax in this city comes out to 0.125% of the home value per month (the city has valued the home at $450k ). I hope you can see why I am so confused! Which of these options would be better if I didn't touch the money for 30 years when the mortgage is supposed to finish? I'm so sorry to bother you with all of this, 1 just really need someone I can trust to sort it all out for me! Oh, and once you've got this all sorted out, please do your best to explain where you're getting your numbers from - my husband will want to know! Thanks so much - you're a total life saver-let's pet coffee sometimn ANALYSIS: In-this case study you will respond to your cousin and answer.ALl. of their questions as clearly and thoroughly as you are able. Specifically, your task will be to answer the following questions: (1) Determine the payments on your cousin's mortgage, as well as how their first payment will be divided between interest and principal on the loan. (2) Determine the balance of the loan after 15 years and determine when the loan will be halfway paid off. You likely want to use an amortization schedule to answer these questions. (3) Determine how much money your cousin will be able to put into the High Yield Savings account if they sell their house as described in their e-mail. (4) Determine what size monthly deposits your cousin will be able to put into the Fixed Annuity if they rent the house as described in their e-mail. (5) Determine which option will have a larger balance after 30 years