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please answer in formulas and round decimals to two decimal places for interest rates and dollar amounts in final answers. please answer in text that
please answer in formulas and round decimals to two decimal places for interest rates and dollar amounts in final answers. please answer in text that can be copied not in a picture format or excel.
6. Francisco & Fraidy Farfrumter are planning to purchase their first home in Funland, Florida. The purchase price of the house is $865,000 and Florida National Bank will be lending them 85% of the purchase price. The bank is charging them an APR of 4.82% over a 25-year period with monthly payments and the first payment is due one month from today. How much is each monthly payment ? How much total interest in dollars will they be paying over the 25-year period ? (Note: you do not need to construct an Amortization Schedule to calculate this amount)Step by Step Solution
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