Mortgages and Home Ownership

Question 1

Use this example from a fixed rate mortgage calculator to help you answer the questions. Keep the page open after you complete this question.According to the calculator, the monthly payment Demarco and Tanya should anticipate paying for principal and interest is

Revolt · Accepted Answer

$669.

Question 2

principal✔ interest

Revolt · Accepted Answer

✔ interest; According to the chart, by year 10, the majority of Demarco and Tanya’s payment will go toward the .: interest; By year 20, the majority of Demarco and Tanya’s payment will go toward the .: principal; Over time, the amount paid toward the principal will .: increase

Question 3

✔ principalinterest

Revolt · Accepted Answer

✔ principal

Question 4

✔ increasestay constantdecrease

Revolt · Accepted Answer

✔ increase

Question 5

Use this example from an adjustable-rate mortgage calculator to help you answer the questions.

Revolt · Accepted Answer

✔ $611; According to the calculator, the initial monthly payment Demarco and Tanya should anticipate paying on principal and interest is .: $611; This amount is than the fixed-rate mortgage payment for principal and interest.: lower; The total amount they should anticipate paying monthly is .: $819

Question 6

higher✔ lower

Revolt · Accepted Answer

✔ lower

Question 7

$208$611✔ $819

Revolt · Accepted Answer

✔ $819

Question 8

Use this example from an adjustable-rate mortgage calculator to help you answer the questions.

Revolt · Accepted Answer

According to the chart, Demarco and Tanya will pay a total of in interest over the life of their loan.: $195,104; This means their total cost, including the purchase price, is approximately .: $374,323

Question 9

$340,323$363,429✔ $374,323

Revolt · Accepted Answer

✔ $374,323

Mortgages and Home Ownership Answers

More from this Course

TRY EDGENUITY HACKS