Question

# 1.A couple has just purchased a home for \$307,000.00. They will pay 20% down in cash,...

1.A couple has just purchased a home for \$307,000.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.60% APR with monthly compounding. The mortgage has a term of 30 years.

What is the monthly payment on the loan?

2. A couple has just purchased a home for \$307,000.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.60% APR with monthly compounding. The mortgage has a term of 30 years.

How much interest is paid on the first payment?

3.A couple has just purchased a home for \$307,000.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 3.60% APR with monthly compounding. The mortgage has a term of 30 years.

How much interest is paid in the first year?

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