Student’s Name (10 points) This morning, John borrowed $100,000 to buy a house. The mortgage rat
Student's Name (10 points) This morning, John borrowed $100,000 to buy a house. The mortgage rate is 4.05 percent, compounded monthly. The loan is to be repaid in equal monthly payments over 15 years with the first payment due one month from today. Assume each month is equal to 1/12 of a year and all taxes and insurance premiums are paid separately. (a) (4 points) How much must John pay each month? (b) (3 points) How much total interest must John pay on this mortgage? (c) (3 points) How much will the loan balance be at the beginning of the 11th year from today?
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