You just took out a 15-year traditional fixed-rate mortgage for $300,000 to buy a house. The interest rate is 7.2% (APR) and you have to make payments monthly.

Attempt 1/5 for 10 pts. Part 1 What is your monthly payment?

Attempt 1/5 for 10 pts. Part 2 How much of your first monthly payment goes towards paying down the outstanding balance (in $)?

Attempt 1/5 for 10 pts. Part 3 What is the outstanding balance after 1 year if you have made all 12 payments on time?

Attempt 1/5 for 10 pts. Part 4 How much of your 13th monthly payment goes towards paying down the outstanding balance (in $)?