A couple has decided to purchase a $150000 house using a down payment of $27000. They can amortize the balance at 11% over 15 years.
a) What is their monthly payment?
Answer = $
b) What is the total interest paid?
Answer = $
c) How much of their first payment went toward paying interest?
Answer = $
d) How much of their first payment went toward paying the balance of the loan.
Answer = $