Question

1. The total purchase price of a house, including closing costs of $1,500, is $266,500. The mortgage requires a down payment of 10% of the cost of the house, and the closing costs must be paid with the down payment. The remainder of the purchase price is to be repaid in monthly installments for 30 years with an APR of 5.2%. Calculate the uniform monthly mortgage payments, assuming monthly compounding of interest.