You just bought a house. The price was 300,000 dollars. There was a 60,000
dollar down payment so you financed the rest from the bank. Hence, you
borrowed 240,000 dollars. The interest rate was 4 percent APR compounded
monthly. You have a 15 year mortgage.
a) How much is the monthly mortgage payment? Show your work.
b) How much is the interest in the first year of the mortgage? Show me the
buttons you hit on the calculator to get this.