1. You borrowed $200,000 through a 30-year mortgage loan from a local bank to purchase the house. The interest rate on t

[answerhappygod]

1. You borrowed $200,000 through a 30-year mortgage loan from a
local bank to purchase the house. The interest rate on this
mortgage is 4% per year. You need to make monthly payments. What is
the payment towards the principal of the mortgage (principal paid)
in the first month?
Multiple Choice
a. 954.8
b. 314.2
c. 288.2
d. 1005.3
2. You plan to borrow $250,000 mortgage loan to purchase a
new house. The annual percentage rate (APR) is 2.25% per year and
you borrow the money for 30 years. What will your monthly payment
be?
Multiple Choice
a. 1321.13
b. 725.15
c. 955.62
d. 1025.32
Please answer both questions thank you.