In: Finance
A homeowner paid a fixed 3% on a 30-year mortgage of $200,000.
11a. Calculate the monthly mortgage payment. [10 points]
11b. Calculate the total interest payment over this 30-year period. [5 points]
11c. In the third monthly mortgage payment, calculate the interest payment. [5 points]
11d. In the fourth monthly mortgage payment, calculate the principal payment.