Mortgages Answers

You have decided to buy a new home and the bank offers you a 10 year fixed loan at 5.0% on a balance of $275,325. Use the table provided to determine the monthly payments. a. $2,921.20 c. $1,460.60 b. $137,500 d. $243.43 Please select the best answer from the choices provided

You have just been approved for a 30 year 6.0% fixed home mortgage. The monthly payment that you qualify for is $1112.10. Use the table provided to determine the price of a home that can be purchased. Round your answer to the nearest cent. a. $183,147 c. $185,350 b. $184,789 d. $186,523 Please select the best answer from the choices provided

You have recently taken out a loan for a new home. You place 10% down and finance the remaining balance. As part of the closing cost, you are required to pay 2.5 points. Determine the amount of the loan prior to the addition of the 2.5 points to the loan if the final loan amount was for $151,625. Round your answer to the nearest cent.a.$149,384.24c.$147,926.83b.$148,651.96d.$147,208.74

The home that you want to purchase requires that you pay 2.5 points towards a $175,210 loan. Determine the cost of the home after the points have been applied.a.$179,590.25c.$177,838.15b.$178,714.20d.$176,962.10

Use the table provided to determine the total amount paid on a 30 year fixed loan, at 6.0%, of $75,000. a. $162,000 c. $143,820 b. $153,750 d. $133,250 Please select the best answer from the choices provided

The home that you are interested in purchasing is listed at $135,000. In order to get financing, you have to place a 15% down payment. From the given information, determine the amount of the down payment.a.$2,025c.$114,750b.$135,000d.$20,250

You have found a home that you are interested in purchasing. Instead of a conventional loan, you agree to pay the premium for the private mortgage insurance (PMI), which finances 95% of the loan. The amount of the home is listed at $95,278. From the given information, determine the amount needed for the down payment to qualify for the PMI loan. a.$90,514.10c.$476.39b.$47,639d.$4,763.90

You have just been approved for a 30 year 5.5% fixed home mortgage. The monthly payment that you qualify for is $879.32. Use the table provided to determine the price of a home that can be purchased. a. $154,267 c. $156,753 b. $154,810 d. $157,153 Please select the best answer from the choices provided

You placed a 12% down payment on a new home. Given that the amount of the down payment was $42,655.12, determine the price of the home. Round your answer to the nearest cent.a.$355,459.33c.$426,551.20b.$387,773.82d.$473,945.78

The home that you are interested in purchasing is listed at $85,000. In order to get financing, you have to place a 5% down payment. From the given information, determine the amount of the down payment. a.$42,500c.$425b.$4,250d.$85,000