You have found your dream home, which is listed for $312,000. You put 20% of the price of the home as a down payment, and take out a loan for the remaining cost. The bank offers you a 30-year fixed loan with a 3.5% APR compounded monthly.

Round all answers to the nearest cent.

a) Calculate the principal amount financed (loan amount).

b) Calculate the minimum monthly payment.

c) Calculate the total interest paid over the life of the loan if only the minimum monthly payments are made.