You are in the process of purchasing a new home. You intend to live there for 5-6 years. You have an accepted offer of $382,000, which is over the asking price of $379,900 due to a bidding war. The appraisal your lender obtains is for $380,000.Your lender has quoted you the following terms:2.5% interest rate15-year amortization (monthly)80% loan-to-value (LTV) ratioDetermine the following:

1a. What the principal of your loan will be (maximum amount you can borrow).

1b. What your down payment will be.

1c. What your monthly payment will be.

1d. What your balance will be in 6 years.

1e. How much interest you will have paid at the end of 6 years.