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FinanceQ&A LibraryUse PMTto determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $150,000 40-year fixed-rate mortgage at 3%a. Find the monthly payments and the total interest for the loan.b. Prepare a loan amortization schedule for the first three months of the mortgage.a. The monthly payment is $Do not round until the final answer. Then round to the nearest cent as needed.)The total interest for the loan is s(Use the answer fom part a to find this answer. Round to the nearest cent as needed.)b. Fill out the loan amortization schedule for the first three months of the mortgage below.PrincipalLoan BalancePayment NumberInterestQuestion

Asked May 15, 2019

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on B (Use the answer from part a to find these answers. Round to the nearest cent as needed.)

Step 1

P = $ 150,000

r = 3% = 0.03

n = 12 (months in a year)

t = 40 years

Step 2

(a)

Please see the white board.

The monthly payment = PMT = $ 536.98

Step 3

Total interest payment = Total payment - Principal = PMT x n x t - P = 53...

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