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Problem 17 Intro You just took out a 15-year traditional fixed-rate mortgage for $600,000 to buy a house. The interest rate is 7.2% (APR) and

Problem 17

Intro

You just took out a 15-year traditional fixed-rate mortgage for $600,000 to buy a house. The interest rate is 7.2% (APR) and you have to make payments monthly.

Part 1

What is your monthly payment?

Part 2

How much of your first monthly payment goes towards paying down the outstanding balance (in $)?

Part 3

How much of your 13^th monthly payment goes towards paying down the outstanding balance (in $)?

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