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1) Smith is willing to spend $2,000 per month on her mortgage payment. If Smith...

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Finance

1) Smith is willing to spend $2,000 per month on her mortgage payment. If Smith obtains a fully amortizing 30 year Fixed Rate Mortgage with $2,000 monthly payments at 4.25%, how big of a mortgage can she get?

2) Smith obtains a fully amortizing 30 year Fixed Rate Mortgage with monthly payments for $450,000 at 4.25%. What will be Smiths mortgage balance after 20 years of payments (i.e. after 240 months)?

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