17. ( 3 points each) You are buying a new home with a price tag...
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17. ( 3 points each) You are buying a new home with a price tag of $350,000. You saved $25,000 for the down payment. You plan to get a simple amortized loan. Based on your credit score, you qualify for a rate of 6.25%. You decided on a 30 -year, fixed rate mortgage. Use the amortization calculator. a. What is the amount you will finance (i.e. the loan amount)? S775,804Xtotalcostofloan b. What will be your monthly payment? c. What will be your total payback? d. What is the finance charge on your mortgage? e. Complete the first three rows of the amortization schedule using the information given above
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