According to a newspaper article, economists are predicting that the average interest rate for a 25-year mortgage will increase from 2.8% to 3.5% during the next year and home prices vill decline by 8% during that same period. A family is considering purchasing a $275,000 home. Thev intend to make a 20% down payment and tinance the rest of the cost. What will their monthly payment be if they buv the house now? Assuming the economists are correct, vhat will their monthly pament be if they buv a comparable house in one year?
If the family buys the house now, the monthly payment will be $____ (Do not round until the final answer. Then round to the nearest cent as needed.) If the family buys the house in one year, the monthly payment will be $___ (Do not round until the final answer. Then round to the nearest cent as needed.)