How much are your monthly payments what is the balance of, Financial Management

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How much are your monthly payments what is the balance of

You just found the house of your dreams. The price of the house is $100,000 . You have been qualified to get a mortgage loan with AAA Bank. The mortgage loan is for 30 ears at an annual interest rate of 36%. Please show formulas/work.

A. How much are your monthly payments?

B. What is the balance of the mortgage loan after 1 year of payment?

C. After 1 year of payment, you want to add extra money to the monthly payments so that you will be able to pay off mortgage loan in 5 years. How much do you add to your previously computed monthly payments in order to accomplish this?

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