When buying a home:

Purchase price: $300,000

Loan to value ratio: 85%

Term: 30 years, Monthly payments

Interest rate: 12%

1)What is the monthly mortgage constant equal to?

2)What is the monthly payment equal to?

3)Break that payment down to interest and principle for 3 months

4)What is the amount paid after 7 years?

5)What is your loan balance after 7 years?