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# 4. You have decided it's time to buy a house, and you have found the one you want. The price is $500,000, and you

## 4. You have decided it's time to buy a house, and you have found the one you want. The price is $500,000, and you will pay 10% in cash and will take a mortgage on the balance. The annual interest rate is 8%, the length of the Toan is 30 years, and you are making payments at the end of each month. What is the amount of your monthly payment, rounded to the nearest dollar? $1985 $2980 $3302 $3669

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