Question: Show Your Work: Please answer the following questions completely. Please show all relevant steps to your work. No credit is given for incomplete work. Make

Show Your Work: Please answer the following questions completely. Please show all relevant steps to your work. No credit is given for incomplete work. Make sure you round all answers to four decimal points.

Problem: You found your dream home! The home is priced at $395,000. The bank is offering you a 4% interest rate with monthly payments for thirty years. The downside is the bank is requiring a 5% down payment.

A. What is your monthly house payment?

B. Please amortize the first six months of home payments. Make sure to label everything appropriately.

C. What portion of your first six months of payments goes towards interest? What portion of your first six months of payments goes towards principal?

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