8. You are applying for a mortgage loan at 5.75% over 30 years with monthly...
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8. 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 $329,000. Lenders are offering 80% loan to value mortgages to you. What will be your monthly mortgage payment for principal and interest?
a. $1,302.53
b. $1,536
c. $901.23
d. $977.20
9. Same facts as #8, what will be the balance of the loan after you have paid for a full 10 years?
a. $218,772
b. $145,540
c. $185,524
d. $97,027
10. Same facts as #8, how long will it take you to pay off 75% of the loan ?
a. About 20.3 years
b. About 302 months
c. 270 months
d. About 312 months
11. Same facts as #8 above, what was the original balance of the loan?
a. $263,200
b. Cannot determine given these facts
c. $223,200
d. $183,200
12. Same facts as #8, how much interest would you pay during the full life of the loan ?
a. $185,703
b. $141,244
c. $289,747
d. $245,712
13. 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 26 and years
c. 309 months
d. About 284 months
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