[Note: The information presented here applies to questions 1 - 3]

Edie wants to borrow $325,000 to purchase a new condominium in New York. What are her monthly payments for a fully amortizing 30-year fixed rate mortgage with a 5.5% contract rate?

If Edie makes her first payment as scheduled, how much of this first payment goes towards repaying the amount borrowed?

If Edie makes her 13th payment as scheduled, how much of this payment goes towards repaying the amount borrowed?