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You want to buy an investment property for $215,000. Your current lender has quoted you a mortgage rate of 5.50 percent APR for 30 years.

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You want to buy an investment property for $215,000. Your current lender has quoted you a mortgage rate of 5.50 percent APR for 30 years. Blank #1: What will your monthly payments be? (5 points) INSTRUCTION: ROUND YOUR ANSWER TO 2 DECIMAL PLACES. POSITIVE NUMBER ONLY, NO S OR % SYMBOL. Blank #2: What is the effective annual rate (EAR) in percentage on this mortgage? (5 points) INSTRUCTION: ROUND'YOUR ANSWER TO 2 DECIMAL PLACES. POSITIVE NUMBER ONLY, NO S OR % SYMBOL. Blank # 1 ] Blank # 2

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