Problem 3 (20 points): You just borrowed a 15-year fixed rate loan of $200,000 to buy a two-bed room apartment. Your annual rate of interest is 4%, and the mortgage will be paid annually at the end of each year.
3.a. (5 points):	Calculate your annual mortgage payment
3.b. (8 points):	Set up an amortization schedule
3.c. (7 points):	Draw a chart to show how interest payment and principal repayment change over the life of the loan.
Loan amount			Annual Mortgage Payment
Interest rate
number of Years
Amortization Schedule
Year	Beg. Of Year Balance	Payment	Interest	Principal Repayment	End of Year Balance
1