You are currently considering the purchase of a vacation home in the mountains. You have been pre-qualified for a 15 year fixed rate mortgage at 5.90%. The home costs $375,000 and you plan on making a down payment of 20% and financing the rest.
What is your monthly payment not including property taxes and insurance? show work
How much in interest will you pay over the life of the loan if you keep the property for the whole 15 years? show work