PROBLEM # $1$

John and Judy Jacobson have purchased a house for $$450,000.$ They are putting $20\%$ or $$90,000$ down payment and just signed a $30$ year, $4\%$ loan for the remainder price of the house $($$$360,000)$ to buy their house

PROBLEM # $2$

Refer to the information of problem # $1$ above $($John and Judy Jacobson purchasing a house$).$ This time resolve the problem; assuming that their mortgage is a $15$ year, $4\%$ loan for remainder price of the house $($$$450,000)$ to buy their dream house. What is this couple's monthly mortgage payment?

Prepare a loan amortization schedule for the Jacobson for the first $2$ months.

Loan $=450,00090,000=$ $$360,000$ Terms: $15$ years @ $4\%$