Mortgages have an APR (annual percentage rate- a stated rate) of 8.76%. Payments and compounding are monthly. You decide that you can afford monthly payments of $2,600 in order to buy a house in Lawndale and wish to take out a 30 year mortgage. Fees are included as part of the loan. Enter your best answer below as they would appear in the formula (not how they would appear in the financial keys).

1.The periodic monthly rate is:

2.You can afford to borrow:

3.The interest portion of the first payment will be:

4.The principal portion of the first payment will be: