Question: please solve the question b and c 3. You plan to purchase a $1,000,000 house using a 30-year mortgage obtained from your local bank. The

please solve the question b and c

please solve the question b and c 3. You plan to purchase

3. You plan to purchase a $1,000,000 house using a 30-year mortgage obtained from your local bank. The mortgage rate offered to you is 8.25%, and you will make a down payment of 20%. This is a fully amortizing mortgage loan. a. Calculate your required monthly payments. b. Calculate the interest payment, principal repayment, and ending balance for the first two months. c. Use a spreadsheet to calculate the total amount of interest payment. Is it greater or smaller than the amount of the mortgage loan

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