Consider a home mortgage of

$150,000

at a fixed APR of

4.5%

for

25

years.

a. Calculate the monthly payment.

b. Determine the total amount paid over the term of the loan.

c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.

Question content area bottom

Part 1

a. The monthly payment is

$enter your response here.

(Do not round until the final answer. Then round to the nearest cent as needed.)