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1. You
are applying for a mortgage loan at 5.75% over 30 years with monthly
payments. The home you are considering
is at a price of $229,000. Lenders are
offering 80% loan to value mortgages to you.
What will be your monthly mortgage payment for principal and interest?
a.
$623
b.
$653.81
c.
$1,069
d.
$1,011.64
2. Same facts as #8, what will be the balance of
the loan after you have paid for a full 10 years?
a.
$109,877
b.
$145,540
c.
$150,129
d.
$152,276
3. Same facts as #8, how long will it take you to
pay off 85% of the loan ?
a.
About 332 months
b.
About 26 years
c.
270 months
d.
24 and ¾
years
4. Same facts as #8 above, what was the original
balance of the loan?
a.
$229,000
b.
$143,200
c.
$183,200
d.
Cannot determine
from these facts
5. Same
facts as #8, how much interest would you pay during the full life of the loan ?
a.
$85,703
b.
$201,678
c.
$81,158
d.
$180,990
6. Same facts as #8 above, what if you paid an
extra $75 each month. How long would it
take to pay off the loan in full ?
a.
268 months
b.
About 305 months
c.
360 months
d.
About 284 months
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