3. A couple has just purchased a home for $319,100.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.60% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid on the first payment?

4. A young married couple has carefully looked at their budget. After review, they can afford a monthly mortgage payment of $973.00. They go to their local banker and she offers them a mortgage of 5.64% 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 homes value. What is the mortgage that the couple can apply for based on their budget and the offered terms?