The table below shows the monthly payment of a $1,000 loan at the stated interest rates and loan amortization periods. For example, the monthly payment on a 30-year (360 months) amortizing loan of $1,000 at 25% interest is $20.85 per month.

Period
(months) 3.5% 25%

36 29.3021 39.7598

360 4.4904 20.8458

You are considering buying a house for $550,000. You have the cash to pay 10% of the purchase price as down payment and finance the rest. Answer the questions below:

If you put 10% down, what would be amount of your mortgage?

You end up deciding to take out a $500,000 mortgage for 30 years. What is your monthly payment if your interest rate is 3.5%?

After 30 years when the loan is paid in full, what is the total amount you would have paid in interest?

What is the breakdown of principal and interest on the FIRST monthly payment:?

What is the breakdown of the principal and interest on the SECOND monthly payment ?

What is the breakdown of the principal and interest on the THIRD monthly payment ?

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