The Johnson family is interested in buying a home. The family is applying for a $$200,00030-$year mortgage. Under the

terms of the mortgage, they will receive $$200,000$ today to help purchase their home. The loan will be fully amortized

over the next $30$ years. Current mortgage rates are $7\mathrm{.}5$ percent. Interest is compounded monthly and all payments are

due at the end of the month.

$23.$ What is the monthly mortgage payment?

a$.$ $$989\mathrm{.}66$

b$.$ $$1,047\mathrm{.}50$

c$.$ $$1,111\mathrm{.}25$

d$.$ $$1,398\mathrm{.}43$

e$.$ $$1,563\mathrm{.}97$

$24.$ What portion of the mortgage payments during the first year will go toward interest?

a$.89\%$

b$.100\%$

c$.75\%$

d$.65\%$

e$.95\%$

$25.$ What will be the remaining balance on the mortgage after five years?

a$.$ $$73,141$

b$.$ $$166,752$

c$.$ $$189,235$