This is the purchase price of a home that you wish to buy. 195,909

You have access to a 25-year mortgage at 5.3%. You have a savings account that earns 3.2% APR, compound monthly. You have used that to save up a 12% down payment for the last ten years.

1. What is the amount of the down payment?

2. What is the required monthly deposit to save the down payment during the ten years?

3. What is the amount you must borrow in the mortgage?

4. What is the required monthly mortgage payment?

5. What is the total amount of interest you will pay for the mortgage?

6. Amortize the loan for 3months.