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A couple has just purchased a home for $400,300.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.84% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid in the first year? Submit Answer format: Currency: Round to: 2 decimal places. A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $1,043.00. They go to their local banker and she offers them a mortgage of 4.08% 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? Submit Answer format: Currency: Round to: 2 decimal places