the amount of the loan is $440,000

6. Suppose the annual interest rate of your loan is 6% for 30 years paid monthly. What is your monthly house payment? What is the monthly interest rate? Using this interest rate, how much of your first month's house payment will go for interest on the loan and how much of your first month's payment will pay off principal? What percent of the first month's payment goes toward interest? How much is still owed on your loan at the start of the second month? 7. How much is still owed on the loan after 15 years? What is the equity of your home after 15 years? How long is it before you have paid off 50% of the loan? For this problem, suppose the value of your house increases at 4% per year as in #4 and use that exponential function to calculate the value. #4 exponential function from #4 y = 550,000(1 + 0.04)* 8. How much in total do you pay for your house loan (4 points)? How much of this money was interest on the loan? What percent of the amount paid for the loan was interest? What percent of the amount paid for the loan was principal