4. Using the facts from problem #7 (You have a $200,000 loan at 7% interest. This loan will fully amortize in 30 years. Your paymen are $1,330.60 per month.) how much of your first payment will be credited against your principal balance? a. $1,116.70 b. $1,300.60 c. $163.93 d. $94.39 5. Private mortgage insurance is usually required a. if the down payment or equity is less than 10% b. if the down payment or equity is less than 20% c. if the down payment or equity is less than 25% d. if an FHA loan is involved 6. You have a $7,000 interest only loan at an interest rate of 8%. The loan has a term of 5 years with annual payments. How much wi you pay your lender at the end of the 5 th year? a. $7,000 b. $560 c. $7,560 d. $8040 7. You have a $200,000 loan at 7% interest. This loan will fully amortize in 30 years. Your payments are $1,330.60 per month. How much of your first payment is interest? a. $1,166.67 b. $93.14 c. $114.59 d. $1,330.60