After graduating from FHSU and working for a couple of years, you decide to purchase your first home. The mortgage on the house is $114000. Ignoring closing costs, insurance, taxes, etc... What is your monthly payment? Assume you take out an 4,94% (APR), 15-YEAR FIXED RATE home mortgage. Note that the first payment is due one month from that date of purchase.What is the monthly payment?

• $932.78
• $886.14
• $897.95
• $922.55

How much will you pay in month 3?

• $446.85
• $432.18
• $450.40
• $465.76