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Professor Salam decided to buy a house. The purchase price is $1,229,048. To approve the loan, the Muhtaseb Bank requires that Professor deposit 15 percent
Professor Salam decided to buy a house. The purchase price is $1,229,048. To approve the loan, the Muhtaseb Bank requires that Professor deposit 15 percent of the purchase price. If the professor would like to take out a 13 year loan at annual interest rate of 6.8percent, what is the amount of the monthly mortgage payment? NO NEED to include $ in your answer. Round up to two decimal places. 10,104.99
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