You want to buy a house in Seattle for $950,000. You don't have any money to put down, so you get a loan with a 8.5% interest. How much would you have to pay each month to pay the loan off within 30 years? (5pts)

Now, suppose that you have $70,000 for down payment which allows you to have a 7.5% interest rate. How much would your monthly payment be? (5pts)