You plan to purchase an $140,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 5 percent. You will make a down payment of 10 percent of the purchase price.
a. Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
b. Calculate the amount of interest and, separately, principal paid in the 120th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
c. Calculate the amount of interest and, separately, principal paid in the 150th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
d. Calculate the amount of interest paid over the life of this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))