Mary just took a mortgage of $300,000, assuming that the interest rate is 8% per annum and that the mortgage will be paid off in 10 years by making equal monthly payments. Assume that payments are made at the beginning of each month.

a) How much is the monthly repayment?

b) How much of the 4th payment will be applied to interest?

c) How much of the 10th payment will be applied to principal?

d) The cumulative principal paid from year 1 to year 3.