You are considering buying a new home. The purchase price is $180,000 and you plan on using a 15-year mortgage obtained from your local bank. You will make a down payment of 15 percent of the purchase price. The mortgage rate offered to you is 6.25 percent. a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25th payment. c. Calculate the amount of interest and, separately, principal paid in the 120th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) a. Monthly payment b. Amount of interest Amount of principal Amount of interest Amount of principal Amount of interest paid C. d.

You are considering buying a new home. The purchase price is $180,000 and you plan on using a 15 -year mortgage obtained from your local bank. You will make a down payment of 15 percent of the purchase price. The mortgage rate offered to you is 6.25 percent: a. Calculate your monthly payments on this mortgage. b. Calculate the amount of interest and, separately, principal paid in the 25 th payment. c. Calculate the amount of interest and, separately, principal paid in the 120 th payment. d. Calculate the amount of interest paid over the life of this mortgage. (For all requirements, do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))