Question: ( No excel pls ) You take a 4 0 - year mortgage that requires annual payments. The mortgage payment is $ 2 0 ,

(No excel pls) You take a 40-year mortgage that requires annual payments. The mortgage payment is $20,000. You will make your first payment to the bank in one year. The interest rate is 6% per year.
a. How much do you receive from the bank today?
b. How much will you pay in interest, and how much will you pay in principal, in the first year?
c. What will be the loan balance after 1 year (ie immediately after you make the first payment)?
d. What will be the loan balance after 9 years (ie immediately after you make the 9th payment)?
e. How much will you pay in interest, and how much will you pay in principal, in year 10?
f. How much will you pay in interest, and how much will you pay in principal, in the first 20 years?
g. How much will you pay in interest and how much will you pay in principal, in the last 20 years?
(No excel pls) You take a 40-year mortgage that requires annual

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