Your family recently bought a house. You have a $100,000, 30-year mortgage with a 6% nominal annual interest rate. Interest is compounded monthly and all payments are made at the end of the month.

1. What is your monthly payment and how much of your first monthly payment will go toward the interest payment? a. $599.55 and $500.00 b. $450.00and $99.55 c. $277.78 and $77.78 d. $478.79and $400.00 e. $599.55 and $99.55
2. What is the principal balance outstanding after you make 10 th payment? a. $45,859.63 b. $79,045.03 c. $83,685.65 d. $98,981.70 e. $99,900.45