You have just made an offer on a new home and are seeking a, Financial Management

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You have just made an offer on a new home and are seeking a

You have just made an offer on a new home and are seeking a mortgage. You need to borrow $563,000.

a. The bank offers a 25?-year mortgage with fixed monthly payments and an interest rate of 0.45% per month. What is the amount of your monthly payment if you take this? loan? (round to the nearest cent)

b. Suppose you take the 25?-year mortgage described in part ?(a?). How much will you still owe on the mortgage after 15 ?years?

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