1. Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $53,000,000. If Oprah puts 20% down and finances at 7% for 30 years, what would her monthly payment be? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
2. Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This makes it financially critical to maintain a credit score of 700 or higher. How much more interest would you pay on a $199,000 home if you put 25% down and financed the remaining with a 30-year mortgage at 5% interest compared to a 30-year mortgage at 3.5% interest? (Use 360 days a year.Do not round intermediate calculations. Round your answer to the nearest cent.)