You just took out a 15-year traditional fixed-rate mortgage for $300,000 to buy a house. The interest rate is 6% (APR) and you have to make payments monthly.

What is your monthly payment?

Part 2

How much of your first monthly payment goes towards paying down the outstanding balance (in $)?

part 3:What is the outstanding balance after 1 year if you have made all 12 payments on time?

part 4:How much of your 13^th monthly payment goes towards paying down the outstanding balance (in $)?