$17$

A couple has just purchased a home for $$384,100\mathrm{.}00.$ They will pay $20\%$ down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of $3\mathrm{.}24\%$ APR with monthly compounding. The mortgage has a term of $30$ years.

How much interest is paid in the first year?

Answer format: Currency: Round to: $2$ decimal places.

#$18$

A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $$1,151\mathrm{.}00.$ They go to their local banker and she offers them a mortgage of $5\mathrm{.}04\%$ APR with monthly compounding with a term of $30$ years. The couple has enough savings to pay $20\%$ down, so the mortgage will be $80\%$ of the home's value.

What is the mortgage that the couple can apply for based on their budget and the offered terms?

Answer format: Currency: Round to: $2$ decimal places.