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What is the amount of the monthly payment

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Your sisters Rebecca and Debra each just bought a house. Each sister paid $750,000 for the house. Each sister had a down payment of $200,000. Each sister got a mortgage with a 5 year term and a 25 amortization period. The rate on each mortgage was 2.2% compounded semi-annually. Payments will be made monthly.

What is the amount of the monthly payment?

How much will each sister pay during the 1st months of the mortgage?

Debra has decided to increase her monthly payments by $500 per month. How long will it take Debra to pay off her mortgage? How much will Debra pay in interest over the life of the mortgage?

How much will Rebecca pay in interest over the life of the mortgage?

Reference no: EM133109674

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