The cost of a home is financed with a $120,000 30 -year fixed-rate mortgage at 4%.

a. Find the monthly payments and the total interest for the loan.

b. Prepare a loan amortization schedule for the first three months of the mortgage.

(Do not round until the final answer. Then round to the nearest cent as needed.)

b. Fill out the loan amortization schedule for the first three months of the mortgage below.

Payment Number	Interest	Principal	Loan Balance
1 2 3

(Use the answer from part a to find these answers. Round to the nearest cent as needed.)