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  3. you plan to buy a $220000 home with a 10% down pay

You plan to buy a $220000 home with a 10% down payment. The bank you...

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Accounting

You plan to buy a $220000 home with a 10% down payment. The bank you want to finance the purchase suggests two options (use semiannual compounding):
Option 1:20-year mortgage at 8.36% nominal annual interest rate.
Option 2:30-year mortgage at 10.96% nominal annual interest rate.
What is the equivalent monthly interest rate for each option? (Keep 4 decimal places in answers)
Equivalent monthly interest rate Option 1:
%
Equivalent monthly interest rate Option 2:
%
What is the monthly payment of each option? (Keep 2 decimal places in answers)
Monthly payment Option 1:$
Monthly payment Option 2: $
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