Question: 5. You plan to purchase a $175,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 7.75

5. You plan to purchase a $175,000 house using a 15-year mortgage obtained from your local bank. The mortgage rate offered to you is 7.75 percent. You will make a down payment of 20 percent of the purchase price.

a. Calculate your monthly payments on this mortgage.

b. Calculate the amount of interest and, separately, principal paid in the 60^th payment.

c. Calculate the amount of interest and, separately, principal paid in the 180^th payment.

d. Calculate the amount of interest paid over the life of this mortgage

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