1. A household buys a house for $435,000. It finances the purchase with an 85% loan-to-value loan....
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Question:
1. A household buys a house for $435,000. It finances the purchase with an 85% loan-to-value loan. The loan is a 25-year fully amortized loan at a fixed rate of 7.10%. What are the monthly repayments?
a) $2,468.45
b) $2,636.95
c) $2,792.07
d) $3,102.29
2. Based on the loan in question 1, how much is the outstanding principal after 2 years?
a) $394,241.67
b) $362,538.10
c) $358,201.19
d) $338,106.59
3. What are the monthly repayments on a 20-year interest-only loan for $375,000 at an interest rate of 6.50%?
a) $1,875.46
b) $2,335.29
c) $2,031.25
d) $1,944.84
4. What are the total repayments of the loan detailed in Question 3?
a) $862,500.00
b) $487,500.00
c) $597,835.00
d) $791,000.00
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