PLEASE ALSO EXPLAIN THE MATH USED FOR CALCULATING THE INTEREST AND PRINCIPAL ON THE AMORTIZATION SCHEDULE.

You plan to purchase a $280,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the first six payments.