You plan to purchase a $150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.5 percent. You will make a down payment of 15 percent of the purchase price.

a. Calculate your monthly payments on the mortgage.

b. Calculate the amount of interest, and separately, prinicpal paid in the 25th payment.

Amount of Interest=

Amount of principal=

c. Calculate the amount of interest and separately, principal paid in the 100th payment.

Amount of interst=

Amount of principal=

d. Calculate the amount of interest paid over the life of this mortgage

Amount of interest paid=