Y NOTES ASK YOUR TEACHER You purchase a cottage for $190,000. You obtain a 25-year, fixed rate mortgage loan at 11.5% after paying a down payment of 20%. Of the second month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answers to the nearest cent.) interest applied to the principal $ $ Read It Need Help? Watch It Submit Answer MY NOTES ASK YOUR TEACHER Suppose you obtain a 20-year mortgage loan of $195,000 at an annual interest rate of 8.7%. The annual property tax bill is $978 and the annual fire insurance premium is $483. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.) $ Need Help? Read It Watch It Submit