Mr. Ford is interested in buying a house. He is applying for a

$500,000,25

-year mortgage. Under the terms of the mortgage, he will receive

$500,000

today to help purchase his house. The loan will be fully amortized over the next 25 years. Current mortgage rates are

6.0%

. Interest is compounded monthly, and all payments are due at the end of the month. What is the monthly mortgage payment?\

$1,047.50

\

$30,000,00

\

$3,221.51

\

$39,113.34

\

$1,350.41

Mr. Ford is interested in buying a house. He is applying for a $500,000,25-year mortgage. Under the terms of the mortgage, he will receive $500,000 today to help purchase his house. The loan will be fully amortized over the next 25 years. Current mortgage rates are 6.0%. Interest is compounded monthly, and all payments are due at the end of the month. What is the monthly mortgage payment? $1,047.50 $30,000,00 $3,221.51 $39,113.34 $1,350.41