Find the monthly house paymènts necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $\mathrm{\$}197,000$ at $6.99\mathrm{\%}$ for 20 years

The monthly payments are $\mathrm{\$}◻$.
(Round to the nearest cent)
The total amount paid on the loan is $\mathrm{\$}◻$.
(Round to the nearest cent)
The totat amount of interest paid is $\mathrm{\$}◻$.
(Round to the nearest cent.)

Step 1 ：Given a principal loan amount (P) of $197,000, an annual interest rate of 6.99%, and a loan term of 20 years, we need to find the monthly payments, the total amount paid on the loan, and the total amount of interest paid.

Step 2 ：First, we convert the annual interest rate to a monthly interest rate (r) by dividing it by 12. This gives us $r=0.0699/12=0.005825$.

Step 3 ：Next, we calculate the number of payments (n) by multiplying the number of years by 12. This gives us $n=20\ast 12=240$.

Step 4 ：We can now calculate the monthly payment (M) using the formula $M=P[r(1+r{)}^n]/[(1+r{)}^n–1]$. Substituting the given values, we get $M=197000\ast [0.005825(1+0.005825{)}^{240}]/[(1+0.005825{)}^{240}–1]=\mathrm{\$}1526.16$.

Step 5 ：The total amount paid on the loan is calculated by multiplying the monthly payment by the number of payments. This gives us $total\mathrm{\_}paid=M\ast n=1526.16\ast 240=\mathrm{\$}366277.59$.

Step 6 ：Finally, the total amount of interest paid is calculated by subtracting the principal loan amount from the total amount paid on the loan. This gives us $total\mathrm{\_}interest=total\mathrm{\_}paid-P=366277.59-197000=\mathrm{\$}169277.59$.

Step 7 ：Final Answer: The monthly payments are $\boxed{{\displaystyle \mathrm{\$}1526.16}}$. The total amount paid on the loan is $\boxed{{\displaystyle \mathrm{\$}366277.59}}$. The total amount of interest paid is $\boxed{{\displaystyle \mathrm{\$}169277.59}}$.