You plan to purchase a $280,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 7 percent. You will make a down payment of 10 percent of the purchase price.

a.	Calculate your monthly payments on this mortgage. (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))

Monthly payment

$

b.	Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16))

Amortization Schedule for first 6 payments (months)
Month	Beginning Loan Balance	Payment	Interest	Principal	Ending Loan Balance
1	$	$	$	$	$
2
3
4
5
6