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Option II: consisted in acquiring the property with a mortgage scheme for 35 years. The total price of the apartment is 875.000. The family can
Option II: consisted in acquiring the property with a mortgage scheme for 35 years. The total price of the apartment is 875.000. The family can pay an initial down payment of 275,000 EUR and the rest (600,000 EUR) to be paid in constant monthly payments with an annual interest rate of 2.75% compounded monthly. Mrs. Marco establishes the maximum amount they can pay monthly as 2.250.
If Mrs. Marco decides to buy the apartment and accepts Option II, what will be the amount of each monthly payment to be done during the next 35 years?
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