You are thinking about buying a home for $120,000 and can put down $20,000. If the lender charges a fixed rate of 6.5% and you want a 30 year mortgage, what is the monthly payment on the $100,000 loan? How much interest do you pay over the life of the loan?

part b:

Using the information from the previous problem, calculate the amount of the third month's payment that will be applied to the principle (amortization table).