You are thinking of purchasing a house. The house costs

$354,000

. You have

$45,000

in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 25-year mortgage that requires annual payments and has an interest rate of

6%

per year. What will be your annual payment if you sign this mortgage?

You are thinking of purchasing a house. The house costs $354,000. You have $45,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 25 -year mortgage that requires annual payments and has an interest rate of 6% per year. What will be your annual payment if you sign this mortgage