Question: Mortgage problem. (10 points) Find a suitable home for you and your family on a real estate website (Zillow, Trulia etc.) and provide me with

Mortgage problem. (10 points) Find a suitable home for you and

Mortgage problem. (10 points) Find a suitable home for you and your family on a real estate website (Zillow, Trulia etc.) and provide me with a link. Round the home price to the nearest thousand dollars. Assume an interest rate of 2% and select a length of a mortgage (typically 15 or 30 years). Use this information to answer the following: a. What is the monthly payment? b. If you are 7 years into the mortgage, what is the remaining balance (show your work)? c. What happens to the monthly payment if you get an interest rate that is 1 percentage point higher (i.e. 2%D3%)

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