A year ago, a newly married couple decided not to buy a house, and they were looking at a house with a $200,000, 15-year monthly mortgage. The annual rate was 2.8%. Today, that same house and the same $200,000 monthly mortgage has an annual rate of 5.2%. What was the monthly payment for the 15-year monthly mortgage if they had taken out the mortgage a year ago? What is the monthly payment for the 15-year monthly mortgage based on today’s rate? What would the monthly payment be if they took out a 30-year monthly mortgage based on today’s rate?

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A: Formula: Current ratio = Current Assets / current liabilities

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A: The answer is stated below:

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A:

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A:

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