You buy a home listed at $335,000 and borrow 95% of the listed price from ABC Bank at an APR of 6% with monthly payments (your down payment is 5% of listed price). The maturity of your mortgage equals 30 years with monthly payments.

a) Compute the outstanding mortgage amount after you have made 15 years of payments. (Please draw the time line and formula)

b) What is the interest and principal component of the next mortgage payment after making payments for 5 years, 15 years, and 25 years?