You buy a house, value of house is 1,000,000 and down payment of 20%

You borrow the rest and the bank gives a rate of 6% for 15 years ( monthly payment )

1) What is your monthly payment ?

2) Of the first payment how much isprinciple(4000), how much is interest?

3) Find thebalance ofloan at end of 7 years?

4) Over7 yearperiodwhatisyourprinciplereduction? whatis interest ?

5)Set upamortization table