You buy a $200,000 house and have a 20% down payment (hence the mortgage is for $160,000). A 15 year mortgage has a rate of 3.5% and 0 points. The monthly mortgage payment is $1,143.8 How much (give the dollar amount) of the first months mortgage payment pays off principal on the mortgage? To answer, first compute how much of the first months payment is used to pay interest. Then, the remainder of the mortgage payment is used to pay down the principal. (You may find the Excel discussion of a mortgage amortization helpful for answering this question)