Question $17$

You are considering buying a house with a $30-$year amortized mortgage loan. The value of the

house is $$1,000,000,$ and the interest rate for a $30-$year mortgage loan is $7\mathrm{.}5\%,$ based on your

FICO score. If you decide to buy the house with a $$50,000$ down payment, what would be

your interest payment in the first month?

$$6,643$

$$5,938$

$$7,201$