Please solve the following from A to E with step by step solution. Provide answers to the closest penny. In general, accuracy to at least 4 significant figures is expected.

You have purchased a new home with a cost of $400,000. Your simple interest loan is at 4.75% per year with nominal monthly payments.

1. What will the equalized monthly payment be to finance the equipment for 15 years?

2. With 15 year financing, what percent of the total monthly payment will be interest for the 2nd month's payment?

3. You ask the finance officer if they can stretch the loan out to 30 years. If they agree to the 30 year total time, what will the equalized monthly payment be?

4. With 30 year financing, what percent of the total monthly payment will be interest for the 2nd month's payment

5.What is the minimum monthly payment that can be secured for this loan and this percent interest assuming that the loan stretches to infinity?