You wish to buy a home and have found one on Zillow.com* at 1311 5th Ave S,, Moorhead, Minnesota 56560. Please go to the following web site and find the monthly payment on the following mortgage loan: HYPERLINK "http://www.mortgagecalculator.org/" http://www.mortgagecalculator.org/

Price of the Home: $182,000

Credit Profile: Good

Loan Amount: $160,000

Loan Purpose: New Purchase

Length of Loan: 30 years

Interest Rate: 4.50%

Start Date: July

Leave the Property Tax and PMI at what is given

Report the monthly payment and the total amount of interest that you will pay in interest.

Notice that the site calculates the results of making a bi-weekly payment and how it shortens the term of the loan. Please explain why this occurs.

Calculate the payments if interest rates should increase by 2.50% to 8.00% as they were in 1999. What does this change do to the total of interest paid and why?

What would happen to the housing market if rates were to return to the levels of 1999?

HYPERLINK "https://www.zillow.com/homes/for_sale/89308318_zpid/globalrelevanceex_sort/46.869169,-96.747623,46.855877,-96.789895_rect/14_zm/"