Your real estate agent mentions that homes in your price range require a payment of approximately $1,200 per month for 30 years at 12% (APR) interest. The first payment will be made at the end of the third year (month 36), and the total number of payments are 30*12=360.
1) What is the approximate size (present value, month 0) of the mortgage?
2) What is your answer to the last question if the first payment is to be made immediately (then followed by 359 monthly payments afterwards)?