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Five years ago you bought a $131,000 building to house your business using a 25 year mortgage at 12% per year paid monthly. IMPORTANT -

Five years ago you bought a $131,000 building to house your business using a 25 year mortgage at 12% per year paid monthly. IMPORTANT - (Use your financial calculator to answer the following questions. Show keystrokes in your answer.) a. Since interest paid for business use is tax deductible, how much interest did you pay in the fifth year? In the 6th year? b. How much interest did you pay in year one? c. At the end of year 6, your business takes a turn for the better and you decide to pay off the balance of your mortgage in 15 years at 12% (the unchanged interest rate). By how much will your monthly payments change? d. By how much will tax deductible interest payments change?

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