You plan to purchase an $120,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 5.5 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))
Monthly payment:
b. Calculate the amount of interest and, separately, principal paid in the 140th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
Amount of interest:
Amount of principal:
c. Calculate the amount of interest and, separately, principal paid in the 170th payment. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))
Amount of interest:
Amount of principal:
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))
Amount of interest paid: