13 Suppose you obtain a 20-year mortgage loan of $196,000 at an annual interest rate of 8.2%. The annual property tax bill is $976 and the annual fire insurance premium is $487. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)

14 The Mendez family is considering a mortgage loan of $348,500 at an annual interest rate of 6.9%. (A) How much greater is their mortgage payment if the term is 20 years rather than 30 years? (B)How much less is the amount of interest paid over the life of the 20-year loan than over the life of the 30-year loan?

15 You have saved $20,000 for a down payment on a house. Your bank requires a minimum down payment of 13%. What is the maximum price you can offer for a home in order to have enough money for the down payment? (Round your answer to two decimal places.)

Answer rating: 100% (QA)

Problem 13 We need to calculate the monthly payments for the mortgage property tax and fire insurance Heres how to find it 1 Mortgage payment We cant ... View the full answer