you are purchasing a house that costs $500,000.You plan on making a down payment of $100,000 (i.e., your equity) and borrowing the difference(i.e., your debt.) The terms of your mortgage will be $400,000 in principal, a 30-year term, and fied ARP of 3.875% the loan payments are monthly and interes is compounded monthly

1)what is the periodic interest rate?

2)what is the monthly payment

3)After five years ,what is the outstanding balance of the loan?

4)as an amorticin loan, mortgage paymenst are compresed of interest ecpende and principal repayment. Compute the interes component of the 61st payment (hint:the answer to the previous problem will help.)