You have the opportunity to obtain a $250,000, 15-year mortgage loan at a 4.5% stated annual interest rate from Gotcha Bank. In order to close this mortgage loan, you must pay the following four fees to Gotcha Bank:

a $500 application fee

a $1,500 origination fee

1.5 points (1.5% of the mortgage loan value)

A $2,500 title insurance fee

1.How much of your last payment is applied to your Principal Balance?

2.How much of your last payment is applied to your Interest Expense?

3.If you make all 180 payments during the life of this loan, how much interest expense would you have incurred over the life of this loan?