Question
Suppose you purchase a house for $680,523 using a 30-year fixed-rate mortgage. You agree to make a down payment of $53,372 today. In addition, you
Suppose you purchase a house for $680,523 using a 30-year fixed-rate mortgage. You agree to make a down payment of $53,372 today. In addition, you agree to pay $83,969 in 3 years and $27,501 in 7. Find the size of your monthly payment you should ask for from your bank if interest rates are currently 5.92% and payments are made at the end of the month with the fist payment due at the end of this month.
Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.
Enter numerical answers as a positive number rounded to 2 decimal places (###.##)
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