Question: Javier just bought a condominium in College town, USA. His $100,000 mortgage is 6% compounded monthly, and Javier will make monthly payments on his loan for 30 years. In addition, property taxes and title insurance amount to $400 per month.
a. What is the total mortgage-related amount of Javier's monthly condo payment?
b. Develop an estimate of Javier's total monthly expenses (maintenance, utilities, and so on) for his condominium.
c. If Javier qualifies for a 15-year mortgage having an APR of 5.8% compounded monthly, what will his monthly mortgage payment be (there will be 180 payments)?