Question: Draw the time line for this problem. Write out the formulation for each part: You decide to use $10,000 from your combined accounts to pay

Draw the time line for this problem. Write out the formulation for each part:

You decide to use $10,000 from your combined accounts to pay down your student loan, and use the rest to make a down-payment on a two bedroom condominium in a building where a few of your friends have already bought places. You negotiate a purchase price of $62,549. You get a 30 year mortgage for the balance, after taking away the down payment, at 4%. What are your monthly payments going to be?

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