You are graduating in 3 months and already have a job. You are planning to buy a $225,000 house immediately upon graduation. Since you have been frugal during your college years and you attend the best college value in America, you have saved $25,000, which you will use as a down payment. You have locked in an interest rate 6% compounded monthly and you plan to pay for the house over 30 years. Your first payment is due one month after closing on the house. What is your payment? How much interest is in the first payment? How much interest is in the 241^st payment? Fifteen years after borrowing the money you decide to pay off the loan. What is the payoff for the loan at t=180? (You have not made the 180^th payment yet...)