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What is the balance of the loan

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A woman has decided to take advantage of her employer's new work-from-home policy and buy a house in the Sierra foothills. Her offer of $329,000 for a house in Coarsegold has been accepted. She will put 20% down and has been approved for 30-year mortgage with monthly payments. Her first payment is due a month from now.

If the annual interest rate on her mortgage is 2.825%, how much will her monthly payments be?

How much interest will she pay in the first month?

What is the balance of the loan at the end of the first month?

What is the effective annual rate (EAR) that they will pay on their home mortgage, if their annual percentage rate (APR) is 2.825%?

Reference no: EM132694345

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