You have just made an offer on a new home and are seeking a mortgage. You need to borrow $ 635000

$635,000.

a. The bank offers a 25

25-year mortgage with fixed monthly payments and an interest rate of 0.47 %

0.47% per month. What is the amount of your monthly payment if you take thisloan?

b. Suppose you take the 25

25-year mortgage described in part (a). How much will you still owe on the mortgage after 10

10 years?

a. The bank offers a 25

25-year mortgage with fixed monthly payments and an interest rate of 0.47 %

0.47% per month. What is the amount of your monthly payment if you take thisloan?

Your monthly payment will be $

nothing

. (Round to the nearestcent.)

b. Suppose you take the 25

25-year mortgage described in part (a). How much will you still owe on the mortgage after 10

10 years?

The remaining loan amount will be $

nothing

. (Round to the nearestcent.)