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How much is house payment

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Reference no: EM132652251

Question 1: How much is your house payment if you buy a $250,000 house, put 20% down and finance the rest at 2.85% over 15 years?

Option 1: $1,367

Option 2: $1,708

Option 3: $16,572

Option 4: $13,588

Question 2: What is the effective annual interest rate of 6% compounded monthly?

Option 1: 0.5%

Option 2: 6.09%

Option 3: 6.17%

Option 4: 6.14%

Reference no: EM132652251

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