This extended problem covers many of the features of a mortgage. You purchase a town house for $350,000. Since you are able to make a down payment of 20 percent (570,000), you are able to obtain a $280,000 mortgage loan for 15 years at a 5 percent annual rate of interest. Use Appendix D to answer the Questions. Round your answers to the nearest dolar. What are the annual payments that cover the interest and principal repayment? a $ How much of the first payment goes to cover the interest? $ e How much of the loan is paid off during the first year? $ d. What is the interest payment during the second year? $ e. What is the remaining balance after the second year 5 Why did the interest payment change during the second year? The annual Select in the amount owed Selecteach subsequent interest payment