You have just taken out a $180,000, 30- year mortgage on a home. The nominal interest rate is 4.0%, and the loan requires monthly payments.
a. How much principal and interest will be paid in the 12th payment? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Principal $
Interest $
b. How much principal and interest will be paid in the 12th year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Principal $
Interest $
c. What is your loan balance after making the 12th payment? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Balance $
d. What is your loan balance after the 1st year? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
Balance $