You have just made an offer on a new home and are seeking a mortgage. You need
Question:
You have just made an offer on a new home and are seeking a mortgage. You need to borrow $ 551 comma 000
$551,000.
a. The bank offers a 25
25-year mortgage with fixed monthly payments and an interest rate of 0.53 %
0.53% 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 0.53 %
0.53% 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.)