On December 1, 2014, Garden Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, 2014.

How much of the first payment made on December 31, 2014 is allocated to repayment of principle?

What is the portion of the second monthly payment made on January 31, 2015 which represents interest expense?

What is the aggregate amount paid by Garden over the 30-year life of a mortgage?

Over the 30-year life of the mortgage, the total amount that Garden will pay for interest charges is how much?