Question: Part b is incorrect X That's incorrect. For the purpose of finding the initial monthly payment, assume that the initial interest rate will remain constant

Part b is incorrect

X That's incorrect. For the purpose of finding the initial monthly payment, assume that the initial interest rate will remain constant over the life of the loan. To find the monthly payments of principal and interest, use the formula ME not, where p is the amount of the principal (mortgage), r is the 1 - 1 to rate as a decimal number, n is the number of mortgage payments per year, and t is the time in years. Remember that the principal is found by subtracting the down payment from the purchase price

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