You found a new home you'd like to purchase. The price is $$400,000$ and you have a

$20\%$ down payment. You get a $20-$year amortizing mortgage for $4\%$ with monthly

payments. Create an amortization table and answer the following questions:

What is the amount of each monthly payment?

What will be the total reduction in principal in Year $1$

How much interest will you pay in total in Year $2?$

What is the balance on the loan after $15$ years?

What is the effective rate of the mortgage?