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How much will you pay in? principal

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You have just purchased a home and taken out a $580,000 mortgage. The mortgage has a 30?-year term with monthly payments and an APR of 7.28%.

a. How much will you pay in? interest, and how much will you pay in? principal, during the first? year?

The principal payment will be ___.

The interest payment will be ___.

b. How much will you pay in? interest, and how much will you pay in? principal, during the 20th year? (i.e., between 19 and 20 years from? now)?

The principal payment is $___.

The interest payment is $___.

Please show Excel inputs and instructions in your answer. Please show how you reach each figure.

Reference no: EM133118158

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