c. Suppose you purchase a home for $189,000 and you obtain a 15 year fixed...
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c. Suppose you purchase a home for $189,000 and you obtain a 15 year fixed mortgage at 7.5% APR compounded monthly. a. Calculate your monthly payment. (worth 5 points) b. Create an amortization table. Your table should have the following column headings: MONTH, PAYMENT SIZE, INTEREST, PAYMENT TO PRINCIPAL and OUTSTANDING PRINCIPAL. (worth 30 points) Calculate the total finance charge for the purchase of your home at the end of 15 years. (worth 7.5 points) d. Calculate the grand total for the purchase of your home at the end of 15 years. (worth 7.5 points) EXTRA CREDIT e. Describe the graph of interest versus months. (worth 2 points) f. Describe the graph of payment applied to principal versus months. (worth 2 points)
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