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  3. 8. you are applying for a mortgage loan at 5.75% o

8. You are applying for a mortgage loan at 5.75% over 30 years with monthly...

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Finance

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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