You are interesting in purchasing a home with a listing price of $195,000 and intend to use an 80% LTV mortgage loan with a fixed 3.25% interest rate and 30-year amortization schedule to finance the purchase. You're happy because you think the property is underpriced and actually worth more like $205,000. What is the monthly P&I (principal and interest) payment? Using the information from Question 1, what portion of the first monthly debt service payment goes to amortization (reducing the outstanding principal loan balance)