Part 1

You purchase a cottage for $175,000. You obtain a 25-year, fixed rate mortgage loan at 12.5% after paying a down payment of 25%. Of the second month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answers to the nearest cent.)

interest $ ________

applied to the principal $_________

Part 2

The purchase price of a condominium is $121,000. A down payment of 23% is made. The bank charges $715 in fees plus 2 1/2 points. Find the total of the down payment and the closing costs. (Round your answer to the nearest cent.

$_____________

Part 3

Jeffery Wei received a 7-year non-subsidized student loan of $33,000 at an annual interest rate of 5.6%. What are Jeffery's monthly loan payments for this loan after he graduates in 4 years? (Round your answer to the nearest cent.)

$ ______________