Given a $$50,000$ loan, interest rate of $9\mathrm{.}5\%($compounded monthly for $30$ years$),$ find the payments for the first month for a Fully Amortizing Constant Payment Mortgage.

How much of the second monthly payment goes toward principal, and how much toward interest.

Hint $-1)$ multiply the rate $-($annual rate$/12)$ times the loan balance to get the first month interest.

$2)$ the payment less the first month interest is the loan balance for month two.

$3)$ multiply the balance for month two times the interest rate to get the interest paid.