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CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed-rate mortgages. Joe Sisneros wants to purchase a vacation

CNBC.com reported mortgage applications increased 9.9% due to a decrease in the rate on 30-year fixed-rate mortgages. Joe Sisneros wants to purchase a vacation home for $350,000 with 20% down. Calculate his monthly payment for a 40-year mortgage at 5.5%. Calculate total interest. (Use Table 15.1.) Note: Round your intermediate calculations and final answers to the nearest cent. Monthly payment Total interest

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