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Calculate their mortgage payment

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Reference no: EM133036698

Question - Joe and Jo have found a house they really like. It is selling for $770000. They are figuring out their expenses and wonder how much the mortgage payment will be if they have the minimum down payment.

The bank has offered a rate of 3.62% over 5 years but they want it over 24 years. Also the advisor at the bank said something about a qualifying rate of 4.94%.  This seems very high compared to what was offered.

Calculate their mortgage payment (in nearest dollar).

Reference no: EM133036698

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