Problem 7 10 This extended problem covers many of the features of a mortgage. You purchase a town house for $200,000, Sinor you able to make a down payment of 10 percent ($20,000) you are to obtain a $180,000 mortoace loan for 15 years at a 4 percent annual rate of interest. Um Appendix O to anwer the questions. Round your answers to the nearest dollar What are the annual payments that cover the interest and principal repayment $ b. How much of the first payment goes to cover the interest? C. How much of the loan is paid oll during the first year $ $ d. What is the interest payment during the second year? 6. What is the remaining balance after the second year $ T. Why did the interest payment change during the second year? The annual-elet in the amount owed each subsequent interest payment Interest Factors for the Present Value of an Annuity of One Dollar Time Period (eg. year 1% 25 3% 4% S% 6% 7% 8% 9% 10% 12% 14% 16% 18% 20% 24% 28% 32% 36% 1 0 990 0.980 0,971 0962 0.952 0943 0935 0.926 0.917 0.909 0.893 0.877 0.862 0.847 0833 0.806 0.781 0.758 0.735 2 1970 1942 1913 1.886 1859 1893 1.808 1783 1759 1736 1.690 1647 1605 1.566 1.528 1.457 1.392 1332 1.276 3 2.941 2884 2.829 2.775 2.723 2.673 2624 2577 2531 2.487 2.402 2.322 2.246 2.174 2.106 1981 1.868 1.766 1674 4 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.037 2.914 2.798 2.690 2589 2.404 2.241 2.096 1966 5 4853 4.713 4580 4.452 4.329 4212 4.100 2.993 3890 3.791 3.605 3.433 3.274 3.127 2.991 2.745 2532 2.345 2.181 6 5.795 5.601 5.417 5.242 5.076 4917 4.766 4623 4.486 4355 4.111 3.889 3.685 3.498 3.326 3.020 2.759 2.534 2.399 7 6.728 6.472 6,230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.564 4.288 4.039 3.812 3.605 3.242 2.937 2678 2455 8 7.652 7325 7020 6.733 6.463 6.210 5.971 5.747 5.535 5335 4.968 4.639 4 344 4.078 3.837 3.421 3.075 2.786 2540 9 8 566 8.1627786 7.435 7108 6.802 6.515 6.247 5985 5.759 5328 4.946 4,607 4 303 4,031 3.566 3.184 2868 2603 10 9.471 8.983 8.530 8.111 7722 7360 7.024 6.710 6.418 6.145 5.650 5.216 4.833 4.494 4.193 3.682 3.269 2930 2.650 11 10.368 9.7879.253 8.760 8.306 7887 7.499 7139 6.805 6.495 5.988 5.453 5029 4.656 4 327 3.776 3.335 2978 2.683 12 11.255 10 575 9.954 9385 8.863 8.384 7.943 7536 7.1616.814 6.194 5.660 5.1974.793 4.439 3.851 3.387 3.013 2.708 13 12 134 11.348 10.635 9.986 9.394 8534 8.358 7.904 74877103 6.424 5.842 5.342 4.910 4.5333912 3.427 3.040 2.727 14 13.004 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7786 2.367 6.628 6.002 5468 5008 4611 3.962 3.459 3.061 2.740 15 13.865 12.849 11938 11.118 10.380 9.712 9.108 8.559 8.060 7606 6.811 6.142 5.575 5.092 4.675 4.001 3.483 3.076 2.750 16 14 718 13.578 12 561 11.652 10.838 10.106 9.447 8.851 8.312 7824 6.974 6.265 5669 5.162 4.730 4.003 3.503 3.088 2.758 17 15.562 14.292 13.166 12.166 11 274 10.477 9.763 9.122 8.544 8.002 71206.373 5.749 5.222 4775 4.059 3518 3.097 2.763 18 16.398 14.992 13.754 12.659 11690 10.828 10.059 9372 8.756 8.2017.250 6.467 5.818 5.273 4812 4.080 3.529 3.104 2.767 19 17.226 15.678 14.324 13.134 12.085 11.158 10.336 9.604 8.950 8365 2366 6.550 5877 5.316 1844 4097 3539 3109 2.770 2018.046 16,351 14.877 13 590 12.462 11.470 10.594 9818 9.128 8.514 7469 6.623 5.929 5353 4.870 4110 3.546 3.113 2.772 25 22.023 19 523 17413 15.622 14,094 12,783 11,654 10.675 9.8239.077 7.843 6873 6.097 5.467 4.948 4.142 3564 3.122 2.776 30 25 808 22.937 19.600 17.292 15 373 13.765 12.409 11.258 10.274 9.427 8055 7003 6.177 5.517 4.9794.160 3560 3.124,2778