Your lender now offers you a 30-year fixed-rate home mortgage with 3.6% interest per year. If you can afford a monthly payment of $3,000, what is maximum price of a house that you can afford?

The maximum house price is $__________. (Round to the nearest dollar.)

When you purchased your house, you took out a 30-year mortgage with an interest rate of 4.8% per year. The monthly payment on the mortgage $1,500. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance.

What is the payoff amount if you have lived in the house for 18 years (so there are 12 years left on the mortgage)? Payoff amount is $__________. (Round to the nearest dollar.)