Question: please writw it out and show your work and calculations/formulas used to get the answer. thank you! 5. You are about to purchase your first

please writw it out and show your work and calculations/formulas used to get the answer. thank you!

5. You are about to purchase your first house for $295,000. You have 15% of the purchase price for a down payment (5 points) and you will finance the remaining amount with a 30-year fixed mortgage with a rate of 5.5%. a. What is the amount of your monthly payment? b. Assuming all regular payments are made, what percentage of your payments made in the first 5 years will be applied to principal? c. What is the total dollar amount applied to interest after you have made your regular payments on this mortgage for 7 years

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