You have just made an offer on a new home and are seeking a mortgage. You need to borrow $620,000.

a. The bank offers a 25?-year mortgage with fixed monthly payments and an interest rate of 0.5% per month. What is the amount of your monthly payment if you take this?loan?

b. Suppose you take the 25?-year mortgage described in part ?(a?). How much will you still owe on the mortgage after 15 ?years?

You have just made an offer on a new home and are seeking a mortgage. You need to borrow $620,000. a. The bank offers a 25-year mortgage with fixed monthly payments and an interest rate of 0.5% per month. What is the amount of your monthly payment if you take this loan? b. Suppose you take the 25-year mortgage described in part (a). How much will you still owe on the mortgage after 15 years? a. The bank offers a 25-year mortgage with fixed monthly payments and an interest rate of 0.5% per month. What is the amount of your monthly payment if you take this loan? Your monthly payment will be $. (Round to the nearest cent.) b. Suppose you take the 25-year mortgage described in part (a). How much will you still owe on the mortgage after 15 years? The remaining loan amount will be $ . (Round to the nearest cent.)