You want to buy your dream house. You currently have $15,000 saved and you need to have a 10% down payment plus an additional 5% of the loan amount for closing costs. Assume the type of house you want will cost the last six digits of your UIN. Example: If your UIN is 00785258, the price of the house is $785,258. You can earn 7.5% per year in a savings account per year. How long will it be before you have enough money for the down payment and closing costs?

Given your current credit, you secure a 15-year fixed rate mortgage at 3.12%. Calculate your monthly mortgage payment; you must pay the home loan on the 1st of each month.