Now that you have your down payment, the bank agrees to loan you the remaining difference to purchase a house valued at $300,000. The loan is a 30-year fixed-rate
mortgage with an annual interest rate of 3.24%. To determine how much you should
pay each month to fully pay off the mortgage in 30 years, we use the formula
=
(1+)
(1+)−1
where is the monthly payment, is the amount borrowed, is the total number of
monthly payments, and is the monthly interest rate. Like in part (c), we assume the
annual interest rate is compounded monthly, so =0.0324/12= 0.0027. What will be your
monthly payment on this mortgage? Round to the nearest dollar