P 1 Homework Assignment Due 11/21/2020 Suppose you want to buy a House that costs $335,000 You can borrow at 3.25% per year for 30 years You have to make a Down Payment of 3.50% What are your monthly Payments, if your payment, including P & I and Escrow Payments, must equal 37% of your Gross Monthly Income (GMI)? Principal Interest Property Taxes Insurance 1 PITI Monthly Annually Escrow Account: Taxes: Insurance: $ 2,832.00 $ 348.00 $ 3,180.00 $ N- VY- PV = PMT = FV = $ + 37.00% $ GROSS MONTHLY INCOME: ANNUAL INCOME: Total Interest Paid over the 30 year period =