Rhonda is buying a second home to use as income property. She is financing 75% of the home's $100,000 value. Her bank s loaning her the money for 10 years at a rate of 4.5%. How much are Rhonda's monthly mortgage payments? ($777.28) Julie is applying for a home mortgage loan of $190,000. The quoted interest rate is 9.0%. Julie will make equal monthly payments, to pay off the loan over 30 years. What is the monthly payment? ($1528.78) James applies for a $200,000 mortgage loan. The bank offers an annual interest rate of 12%, no points, with equal monthly payments of $2, 057 23 over 30 years. How much of his first payment will be interest expense? ($2,000) Consider a mortgage loan of $115,000. The interest rate is 6%, with an equal monthly payment of $970.44, scheduled over 15 years. Within the very first payment, how much is for principal reduction? ($395)