Question: You plan to purchase a $150,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.75

You plan to purchase a $150,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.75 percent. You will make a down payment of 20 percent of the purchase price.

a. Calculate your monthly payments on this mortgage

b.	Construct the amortization schedule for the first six payments.

Amortization Schedule for first 6 payments (months)
Month	Beginning Loan Balance	Payment	Interest	Principal	Ending Loan Balance

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