Question: After graduating from FHSU and working for a couple of years, you decide to purchase your first home. The mortgage on the house is $114000.

After graduating from FHSU and working for a couple of years, you decide to purchase your first home. The mortgage on the house is $114000. Ignoring closing costs, insurance, taxes, etc... What is your monthly payment? Assume you take out an 4,94% (APR), 15-YEAR FIXED RATE home mortgage. Note that the first payment is due one month from that date of purchase.What is the monthly payment?

$932.78
$886.14
$897.95
$922.55

How much will you pay in month 3?

$446.85
$432.18
$450.40
$465.76

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