After shopping for a while for a house, you just found a $550,000 house on the market and you have decided to buy it. The bank is asking for a 20% deposit, which you will afford. The bank will finance the loan amount with a 30-year fixed rate mortgage at 4.00% interest. Ignore closing costs and all other costs. What will be your 1914 monthly payments for this mortgage? 4. Refer to the above problem: If you pay an extra $250 per month, how long (in years) will it take you to pay off the mortgage? If you take this action, how much interest will you save?

3. After shopping for a while for a house, you just found a $550,000 house on the market and you have decided to buy it. The bank is asking for a 20% deposit, which you will afford. The bank will finance the loan amount with a 30-year fixed rate mortgage at 4.00% interest. Ignore closing costs and all other costs. What will be your 1914 monthly payments for this mortgage? 4. Refer to the above problem: If you pay an extra $250 per month, how long (in years) will it take you to pay off the mortgage? If you take this action, how much interest will you save