Determine monthly mortgage payment

Reference no: EM1352789

You hope to buy your dream house three years from now. Today your dream house costs $329,500. You expect housing prices to rise an average of 3.25% per year over the next three years. You hope to purchase the house by putting down 20% of the purchase price, and by financing the balance using a 30 year, 6.06%, fixed-rate mortgage, with monthly compounding. How much will your dream house cost by the time you are ready to buy it, and what will be your monthly mortgage payment.

Reference no: EM1352789

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