Mr. and Mrs. Wilson arc buying a family house for $175,000. They intend to make a down payment of $25,000 and take a mortgage loan for the remainder amount at the annual mortgage rate of 6%. Assume interest compounding and mortgage payments are both monthly. The amortization period for the loan is 15 years. Find the equal monthly mortgage payments. Also, calculate the total interest paid over the amortization period of the loan.

Consider the data about mortgage loan given in that previous question.

a. Find the outstanding loan amount after four years from today.

b. Calculate total interest paid during the first four years of the loan.

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