Question: 1. Answer the question below using the following amortization table. Month Principal Paid Interest Paid Balance 21 $654.86 $1,029.52 $172,786.91 22 $658.76 $1,025.62 $172,128.15 23
1.
Answer the question below using the following amortization table.
| Month | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| 21 | $654.86 | $1,029.52 | $172,786.91 |
| 22 | $658.76 | $1,025.62 | $172,128.15 |
| 23 | $662.69 | $1,021.69 | $171,465.46 |
| 24 | $666.65 | $1,017.73 | $170,798.81 |
| 25 | $670.64 | $1,013.74 | $170,128.17 |
What is the regular monthly payment? (2 points)
| a | $1684.38 |
| b | $1021.66 |
| c | $662.72 |
| d | $358.94 |
2.
Mandy obtains a $155,000 20/6 balloon mortgage with a rate of 4.25%. What will her monthly payments be? (2 points)
| a | $959.81 |
| b | $1044.46 |
| c | $1110.47 |
| d | $1225.74 |
3.
Murphy obtains a 15/5 balloon mortgage to finance $113,500 at 4.95%. How much principal and interest will he have already paid when his balloon payment is due? (2 points)
| a | $85,433.10 |
| b | $70,863.13 |
| c | $52,781.40 |
| d | $53,676.00 |
4.
Jessie and Bob are financing $425,500 to purchase a house. They obtained a 30/8 balloon mortgage at 6.55%. What will their balloon payment be? (3 points)
| a | $379,659.89 |
| b | $637,130.99 |
| c | $357,491.39 |
| d | $380,040.19 |
5.
Shannon finances $189,000 with a 20/7 balloon mortgage at 6.25%. How much will she pay for principal and interest over the life of the loan? (3 points)
| a | $261,951.94 |
| b | $264,100.53 |
| c | $266,751.42 |
| d | $497,322.00 |
6.
Twyla and Tony have a 30/5 balloon mortgage for $389,900 with a rate of 4.85%. How much will they pay in interest over the life of the loan? (3 points)
| a | $81,373.41 |
| b | $92,263.82 |
| c | $107,536.50 |
| d | $121,390.73 |
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