You obtain a 30-year fixed rate mortgage in which the, Financial Management

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You obtain a 30-year fixed rate mortgage in which the

1. You purchase a house for $255,000 and pay 20% down. You obtain a 30-year fixed rate mortgage in which the annual interest rate is 5.85%. What is your monthly payment?

2. You purchase a house at $331,250 and pay 20% down. The 15-year mortgage is fixed-rate 6.25% annually. In addition to the principal and interest paid, you must pay 0.1% of the house purchase price per month into an escrow account for insurance and taxes. What is the total monthly payment (to the nearest dollar)?

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Financial Management: You obtain a 30-year fixed rate mortgage in which the

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