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2. Suppose you are buying your first condo for $135,000, and you plan to finance all the payments with 30-year, monthly payment, amortized mortgage
2. Suppose you are buying your first condo for $135,000, and you plan to finance all the payments with 30-year, monthly payment, amortized mortgage at a 0.5% monthly rate, with the first payment in one month. a. What will your monthly payments be? (4 marks) b. What is the EAR in this case? (2 marks) c. 10 years later, how much do you still owe to the lender at the time you make your monthly paymen marks)
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