$3.)$ The Fiore$$s are now interested in purchasing their first home. They$$ve put $30\%$

down on a $$379,000$ home, and the loan is to be amortized over $30$ years at $4\mathrm{.}3\%.$

a$.)$ What is their monthly payment?

b$.)$ The lender is required to give The Fiore$$s an amortization table. Complete

the following tables regarding their loan.

Month

Present

Value

Payment

On

Principle

$0$

Interest

Payment

Monthly

Payment

$0$

$1$

$2$

$3$

Totals

c$.)$ Shocked by the numbers in the amortization table, John decides to calculate

the total amount of interest over the life of the loan. How much interest will

they pay in $30$ years?

d$.)$ After $5$ years, The Fiore$$s decide to refinance their home at $3\mathrm{.}35\%$ for $20$ years.

Find the new monthly payment.

e$.)$ Find the amount of interest saved by refinancing.

f$.)$ For tax purposes John needs to know the amount of interest paid during the

third year of the new loan. How much interest did he pay during the third

year?