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

The monthly payments are $\$ \square$.
(Round to the nearest cent)
The total amount paid on the loan is $\$ \square$.
(Round to the nearest cent)
The totat amount of interest paid is $\$ \square$.
(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 \(n = 20 * 12 = 240\).

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 \(M = 197000 * [0.005825(1+0.005825)^{240}]/[(1+0.005825)^{240} – 1] = \$1526.16\).

Step 5 ：The total amount paid on the loan is calculated by multiplying the monthly payment by the number of payments. This gives us \(total\_paid = M * n = 1526.16 * 240 = \$366277.59\).

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 \(total\_interest = total\_paid - P = 366277.59 - 197000 = \$169277.59\).

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