Answer the following THREE questions based on the information provided below:

You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate of 4.5%. The first mortgage payment is due exactly one month after you signed the contract.

1.Your monthly mortgage payment is ______.

a $2,294.98

b $3,059.97

c $1,520.06

d $2,520.06

2.For the first month, the interest portion from your mortgage payment is _____________.

a $2,000

b $1,125

c $1,050

d $1,000

3.For the first month, the portion from your mortgage payment that goes to pay down your loan principal is closest to _____________. (Please round to the nearest dollar)

a $1,245

b $295

c $1,170

d $1,295