Question $41($Bonus$)(1$ point$)$

Kraft Builders Inc. builds and finances homes in the U$.$S$..$ Kraft Builders. offers a $28$

year mortgage where the borrower makes no payments during the first two years.

The promotion is offered on its entry level design, The Chalet, which sells for

$$1100000.$ What are the monthly payments after the first year? Kraft Builders.

offers an annual interest rate of $3\mathrm{.}0\%.$ Assume that this offer is in the U$.$S$.$ where

banks charge a periodic interest rate of $\frac{i}{m}.$ Round your answer to the nearest dollar.

Your Answer:

Answer

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