Question: ANSWER BOTH QUESTIONS PLEASE 1) you purchase a house for $252,489. You made a down payment of $20,000 and the remainder of the purchase price

ANSWER BOTH QUESTIONS PLEASE

1) you purchase a house for $252,489. You made a down payment of $20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30 year mortgage with an annual interest rate of 7%. Mortgage payments are made monthly. What is the monthly amount of your mortgage payment?

2) you would like to retire in 37 years. Expected rate of inflation is 4% per year. You currently have a standard of living that requires $5782 of monthly expenses. Assuming you want to maintain the same standard of living in retirement, what are your monthly expenses expected to be the first year of retirement?

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