1. Use the following to answer the next two questions.

   You decide to borrow $400,000 at a 3% interest rate for 15 years to build a new home. How much will your minimum monthly payments be?

   		2710.89
   		2755.44
   		2792.22
   		2762.33

5 points

QUESTION 14

1. Assuming that you make only the minimum monthly payment for the entire length of the loan, how much will you pay in total for your house once you've paid off your loan? Round intermediate steps to four decimals and your final answer to two decimals. Do not use the dollar sign when entering your response.