16. Problem 7-16 ebook Problem 7-16 This extended problem covers many of the features of a mortgage. You purchase a townhof 5700,000. Since you are able to make down payment of 10 percent ($20,000), you wewe to obtain a $180,000 mortgage loan for 15 years at a 5 percent annual rate of interest. Use obedecer the question Hound your answers to the rest What are the annual payments that cover the interest and principal parent $ 1. How much of the first payment goes to cover the interest 5 C. How much of the loans paid off during the first year? d. What is the interest payment during the second year? what is the remaining balance after the second year Why did the interes putent change during the second year! The annual in the amount owed