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?

a)_$932.78

b)_$886.14

c)_$897.95

d)_$922.55

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