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 percent. You will make a down payment of 20 percent of the purchase price.

1. Calculate your monthly payments on this mortgage.

2. Calculate the amount of interest and, separately, principal paid in the 4th payment.

3. Calculate the amount of interest paid over the life of this mortgage. (use bank rate.com, mortgage amortization table

What will be your monthly payment on a $500.000 15 and a 30 yr mortgage if the rate is 3.25 % for people with good credit and 8.75% for people with bad credit 4 calculations? How much interest will you pay over the life of the 4 loans you just calculated? (The mortgage is $500,000 (not the price of the house) you may have to adjust a bank rate.com default of 20% down)