Mr. and Mrs. Smith plan to buy a house in Cinco Ranch in October 2010. The purchase price of the house is $580,000. They plan to pay 20% down payment and borrow the remaining 80% from ABC Bank with a 15 year, 4% fixed rate mortgage loan. They are expected to pay an equal monthly payment staring from November 1, 2010 for a total of 15 years. ,a Calculate the required monthly payment for them,b construct a 2010-2011 amortization table till end of Dec 2011,c Compute the total mortgage interest payments which the Smiths can use on their 2010 deductions
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