1.)You are in the process of buying your first home and will need a $275,000 mortgage (loan)...

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Question:

1.)You are in the process of buying your first home and will need a $275,000 mortgage (loan) from the bank to help finance the purchase. If the bank is charging a 8% fixed annual interest rate over a 30 year term, what will be your monthly payment?

Round your answer to the nearest dollar.

2.)After doing some budgeting, you've decided that the largest monthly mortgage payment you would be comfortable with is $1,900. If the bank is charging 8% annual interest for a 30 year term, how large can your mortgage loan be?

Round your answer to the nearest dollar.