Peter and Lois Griffin want to buy a new home. They have found a home costing $189,000 and could put 15 percent down. Answer the following and show your calculation steps.
a) If they could get a mortgage at 6.0 percent for 30 years, calculate their monthly payment (principal plus interest)?
b) How much total interest would they pay over the 30 years?
c) How much of the very first payment would go to interest?
d) How much of the very first payment would go on the principle?