Wally Bee purchased a new home for $450,000 with a $50,000 down payment. He financed the remainder with a 3% mortgage for 30 years. What is his monthly payment? $1397.54 $1897.20 $1255.36 $1686.40 A Table of Monthly Mortgage Payments (Monthly Payments Necessary to Repay a $10,000 Loan) The monthly loan payments on a mortgage vary not only by the amount of the loan but also by the rate of interest and loan maturity Loan Maturity Rate of Interest 10 Years 15 Years 20 Years 25 Years 30 Years 5.09 $106.07 $ 79.08 $66.00 $ 58.46 553.68 5.5 108.53 81.71 68.79 61.41 56.79 6.0 111.02 84.39 71.64 64.43 5996 6.5 113.55 87.11 74.56 67.52 63.21 70 116.11 89.88 77.53 70.68 6653 75 118.71 92.71 80.56 73.90 6993 8.0 121.33 95.57 83.65 77.19 73.38 8.5 123.99 98.48 86.79 80.53 76.90 9.0 126.68 101.43 89.98 83.92 80.47 9.5 129.40 104.43 93.22 8737 8409 10.0 132.16 107.47 96.51 90.88 87.76