compounded moothly. How much would it be worth er 30 years Lesson 26 investing in Yourself 2-6 Applications Name 4. If you were to say in that home long comes to pay off the house, how much would the serpe with points save you? 7. Suppose that instead of paying the prines, you instead invested that 82.600 inso a long-term fund the paid 2.7% interese & Discuss which option scemas the best to you. Justify your conclusions. 9. If you acquire a $15.000 student loan at 4.3 interest and have to begin making payments 4 years later, how much would you save in interest if the loan is subsidized? 10. How would that subsidy affect your monthly payment? 2 TAUTAOMAOMAOVITE RETE or OSS 142 Unit 2 Managing Your Money 2-6 Applications Name Many mortgage lenders offer a way to lower your interest rate by paying some of the interest up front. This prepaid interest is known in the industry as polnts. Each point corresponds to 1% of the amount borrowed. In short, you're paying a fee to lower your interest rate. The question is whether this is a good deal for you, or for the lender. Let's look into it. 1. A lender offers you a 30 year fixed mortgage of $130,000 at 4% interest with no points. Find the monthly payment. VO 2. You can get the same 30-year mortgage of $130,000 at 3.6% interest by paying 2 points at closing. How much would you have to come up with to cover the 2 points? els dit die dobro Lowongan 3. Find the new monthly payment. 4. How much are you saving each month with the new monthly payment? posodo molberta i sve do not so moest 5. How long will it take to recover the amount you had to come up with to pay the 2 points? What does this mean in terms 1920 of how long you should plan to stay in that home? woolri logo Coastal mode de ob op W. boot eller og in good bna 2 quil Soala mo o og Oles Towns 12222 RAIP compounded moothly. How much would it be worth er 30 years Lesson 26 investing in Yourself 2-6 Applications Name 4. If you were to say in that home long comes to pay off the house, how much would the serpe with points save you? 7. Suppose that instead of paying the prines, you instead invested that 82.600 inso a long-term fund the paid 2.7% interese & Discuss which option scemas the best to you. Justify your conclusions. 9. If you acquire a $15.000 student loan at 4.3 interest and have to begin making payments 4 years later, how much would you save in interest if the loan is subsidized? 10. How would that subsidy affect your monthly payment? 2 TAUTAOMAOMAOVITE RETE or OSS 142 Unit 2 Managing Your Money 2-6 Applications Name Many mortgage lenders offer a way to lower your interest rate by paying some of the interest up front. This prepaid interest is known in the industry as polnts. Each point corresponds to 1% of the amount borrowed. In short, you're paying a fee to lower your interest rate. The question is whether this is a good deal for you, or for the lender. Let's look into it. 1. A lender offers you a 30 year fixed mortgage of $130,000 at 4% interest with no points. Find the monthly payment. VO 2. You can get the same 30-year mortgage of $130,000 at 3.6% interest by paying 2 points at closing. How much would you have to come up with to cover the 2 points? els dit die dobro Lowongan 3. Find the new monthly payment. 4. How much are you saving each month with the new monthly payment? posodo molberta i sve do not so moest 5. How long will it take to recover the amount you had to come up with to pay the 2 points? What does this mean in terms 1920 of how long you should plan to stay in that home? woolri logo Coastal mode de ob op W. boot eller og in good bna 2 quil Soala mo o og Oles Towns 12222 RAIP