1. You are buying your first home using a 30-year mortgage. The mortgage rate is 4.25 percent and the purchase price of the home is $186,000. Your down-payment is 10 percent of the purchase price. calculate your monthly mortgage payment (of principal and interest).
2. You just bought a used Camry for $12,927. You have decided to borrow the entire purchase price from your dealer at an interest rate of 4.80 percent. The loan terms call for equal monthly payments over four years. calculate your monthly payment amount.