Mr Johnson plans to buy a

Mr Johnson plans to buy a

Mr Johnson plans to buy a new house in September 2014. The sale price of the house is $366,000. He is going to pay 20% down payments and borrow additional 80% from Wells Fargo with a 20-year, 3.875% fixed-rate mortgage loan. He is expected to pay an equal MONTHLY payments starting October 2014 for a total of 20 years. Question 1: Calculate the required monthly mortage payment. Question 2: Construct amortization table for Mr Johnson. Question 3: Mr Johnson should prepare his 2014 tax filings in early 2015. Estimate the total mortgage interest payments that he can use for his 2014 tax deduction.PLEASE SHOW ALL STEPS. Thank you.

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