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Q1: Ms. Rigsby made a $40,000 down payment on a $165,000 house and took out a 20 year mortgage (at 6% compounded monthly) on the balance. How much will the monthly payments be? (We earlier found that R = $895.54.) (a) What is the loan balance at the end of the tenth year ?.

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  1. Q1: Ms. Rigsby made a $40,000 down payment on a $165,000 house and took out a 20 year mortgage (at 6% compounded monthly) on the balance. How much will the monthly payments be?(We earlier found that R = $895.54.)(a) What is the loan balance at the end of the tenth year ?

  2. Q2: Ms. Rigsby made a $40,000 down payment on a $165,000 house and took out a 20 year mortgage (at 6% compounded monthly) on the balance. How much will the monthly payments be?(We earlier found that R = $895.54.)(b) What is the first payment for which the interest paid is less than the amount paid on principal ?

  3. Q3: Ms. Rigsby made a $40,000 down payment on a $165,000 house and took out a 20 year mortgage (at 6% compounded monthly) on the balance. How much will the monthly payments be?(We earlier found that R = $895.54.) (c) What is the total amount of interest paid over the term of the loan ?

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