You plan to purchase an $80,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.00%. You will make a down payment of 20% of the purchase price.

a. Calculate your monthly payments on this mortgage.

b. Calculate the amount of interest and, separately, the principal paid in the 127^th payment.

c. Calculate the amount of interest and separately, the principal paid in the 159^th payment.

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