Intro You just took out a 15-year traditional fixed-rate mortgage for $400,000 to buy a house. The interest rate is 1.2% (APR) and you have to make payments monthly. Part 1 What is your monthly payment? Part 2 How much of your first monthly payment goes towards paying down the outstanding balance (in $)? Part 3 How much of your 13th monthly payment goes towards paying down the outstanding balance (in $)?