8.9

A couple has just purchased a home for $406,700.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.48% APR with monthly compounding. The mortgage has a term of 30 years. What is the monthly payment on the loan? Submit Answer format: Currency: Round to: 2 decimal places. A couple has just purchased a home for $332,900.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 6.60% APR with monthly compounding. The mortgage has a term of 30 years. How much interest is paid on the first payment? Submit Answer format: Currency: Round to: 2 decimal places