Use PMT equals StartStartFraction Upper P left parenthesis StartFraction r Over n EndFraction right parenthesis OverOver left bracket $1$ minus left parenthesis $1$ plus StartFraction r Over n EndFraction right parenthesis Superscript negative nt right bracket EndEndFraction

to determine the regular payment$$ amount, rounded to the nearest cent. The cost of a home is financed with a $$$$100$ comma $000$

$30$

$-$year

$$fixed$-$rate mortgage at $2\mathrm{.}5$

$\%.$

a$.$ Find the monthly payments and the total interest for the loan.

b$.$ Prepare a loan amortization schedule for the first three months of the mortgage.

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Part $1$

a$.$ The monthly payment is $$$enter your response here

$.$

$($Do not round until the final answer. Then round to the nearest cent as$$ needed.$)$

Part $2$

The total interest for the loan is $$$enter your response here

$.$

$($Use the answer from part a to find this answer. Round to the nearest cent as$$ needed.$)$

Part $3$

b$.$ Fill out the loan amortization schedule for the first three months of the mortgage below.

Payment Number

Interest

Principal

Loan Balance

$1$

$$$enter your response here

$$$enter your response here

$$$enter your response here

$2$

$$$enter your response here

$$$enter your response here

$$$enter your response here

$3$

$$$enter your response here

$$$enter your response here

$$$enter your response here