1. Consider a $125,000 fixed rate, 30-year mortgage with an interest rate of 4.2%.

1. What is the monthly payment?

2. What is the loan balance after 3 years?

3. At the end of 3 year, how much of the monthly mortgage payment are paid to interest?

4. (2 points) At the end of 3 year, how much of the monthly mortgage payments are paid to principal?

5. At the end of 10 years, how much of the monthly mortgage payments are paid to interest?

6. At the end of 10 years, how much of the monthly mortgage payments are paid to principal?