homework

1. Using the internet, 3.25 research and find a house listing that you would not mind living in. Any house will work, but it must be selling for more than $10,000.

            a) Post a link to your house listing. You can also cut and paste a .jpeg file of your listing.

b) You decide to buy this house. Assuming the bank can loan you a 30-year mortgage at the yearly interest rate of Current Prime Rate + 3%, how much are your monthly payments (show all calcuations?)

c) If you were to borrow the money instead for 15 years (at the same interest rate as in part b), how much are your mothly payments?