On June 1, you borroweddollar 195,000 to buy a house. The mortgage interest rate is 2.5 percentage. The loan is to be repaid in equal monthly payments over 15 years. All taxes and insurance premiums are to be paid separately. What would be your monthly payment? How much equity will you have in the house after 7 years? How much interest will you pay during year 3? How much interest will you pay over the course of the loan? MONTHLY PAYMENT dollar 1100.25 MONTHLY PAYMENT dollar 1300.24 #1) MONTHLY PAYMENT dollar 1500.45 #2) EQUITY BY END OF YEAR 7 approx. dollar 81, 974 EQUITY BY END OF YEAR 7- approx. dollar 98, 974 EQUITY BY END OF YEAR 7 approx. dollar 110, 974 INTEREST PAID DURING YEAR 3 approx. dollar 3395 INTEREST PAID DURING YEAR 3 approx. dollar 4195 INTEREST PAID DURING YEAR 3 approx. dollar 5595 TOTAL INTEREST PAID OVER THE COURSE OF THE LOAN approx. dollar 87, 750 TOTAL INTEREST PAID OVER THE COURSE OF THE LOAN approx. dollar 42, 252