Question: A 1 5 - year mortgage for $ 3 7 0 , 0 0 0 with an interest rate of 5 . 1 % .

A 1 5 -

year mortgage for $

370, 000

with an interest rate of

5.1 % . (

HINT: You should first create and complete the TVM data table to compute the monthly payment. Then, this monthly payment is the basis for the amortization table.

)

Individual taxpayers may be able to deduct the amount of interest that they paid on a mortgage for a primary residence DURING A CALENDAR YEAR from their income taxes for that year. If the mortgage was issued on August

1,

how much interest was paid in the first

(

calendar

)

year?

How much interest will be paid in the second year?

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