Fixed rate mortgage offer:
Purchase price: $170,000
Down payment ($34K): 20%
Term: 30 years
Interest rate: 4.25%
Property tax (yearly): $1,500
Homeowner’s insurance (yearly): $1,000
Use this example from a fixed-rate mortgage calculator to help you answer the questions. Keep the page open after you complete this question.
According to the calculator, the monthly payment Demarco and Tanya should anticipate paying for principal and interest is
$208.
$877.
$669.
$1,200.