(Components of an annuity payment) You take out a 25-year mortgage for $300,000 to buy a new house. What will your monthly payments be if the interest rate on your mortgage is 8 percent? Use a spreadsheet to calculate your answer. Now, calculate the portion of the 48th monthly payment that goes toward interest and principal. Use five decimal places for the monthly interest rate in your calculations.

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Part 1

a.Using a spreadsheet to calculate your answer, your monthly payments will be

Part 2

b.The portion of the 48th monthly payment that goes toward interest is

Part 3

The portion of the 48th monthly payment that goes toward principal is