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YOU HAVE GRADUATED COLLEGE AND HAVE BEEN WORKING IN A GREAT COMPANY WITH Help FROM YOUR FAMILY you ARE ABLE TO MAKE A 35,000 DOWN

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YOU HAVE GRADUATED COLLEGE AND HAVE BEEN WORKING IN A GREAT COMPANY WITH Help FROM YOUR FAMILY you ARE ABLE TO MAKE A 35,000 DOWN PAYMENT ON A 185,000 HOME FOR YOU AND YOUR FAMILY. YOU OBTAIN 150,000 MORTGAGE FOR 30 YEARS WITH AN ANNUAL INTEREST RATE or 3.75%. 1) WHAT IS THE MONTHLY PAYMENT YOU OWE EACH MONTH? 2) WHAT WOULD BE THE MONTHLY PAYMENT IF YOU USED A A 15-YEAR MORTGAGE AT 3.25 % INSTEAD 7

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