Q4. You want to buy a house that is worth $580,000. You plan to make a 15% down payment and finance the rest of the value with a 30-year fixed interest loan. The annual percentage rate offered by the bank is 3.8%. Mortgage payments need to be made at the end of each month, and you plan to pay off the loan by the end of year 30. Please answer the following questions.
Q4a. Calculate your montly mortgage payment.
Q4b. What is the interest payment amount and the principal payment amount in the 10th month?