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You purchase a home for $370,000, by making a down poynent of 15% and financing...

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Accounting

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You purchase a home for $370,000, by making a down poynent of 15% and financing the remaining amount with a 30 -year mortgage. Your mortgage has an annual percentage rate of 7.4%, compounded monthly. Defermine your monthly martgage payment (in dollars). (Round your answer to the nearest cent.) [10.76 Points] TAMUBUSMATH 6.2.009. 0/6 Submissions Used Recently, you made multiple toroe purchases on your credit card tocaling 517,400 . The interest rate on your credit card is 15,3% per year, compounded monthly, and your statement says your misimum payment is $280 per month. (a) How many thinimum paymients will you need to make in order to piy off your purchases, assuming you cut op your credit card and do not make any additional purchases? (Round your answer up to the nedrest number of pyyments.) You will need minimum payments. (b) How much total interest (in dollars) will you pay by making the minimam monthly payment? (Round your answer to the nearest dollar.)

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