Question: please help me answer 1-8 Suppose that you bought a home 10 years ago for $160,000. You paid 10% as a down payment and financed
Suppose that you bought a home 10 years ago for $160,000. You paid 10% as a down payment and financed the rest at 9% interest for 30 years. 1. 1 pt: How much money did you pay as your down payment? 2. 1 pt: How much money was your mortgage for? 3. 3 pts: What is your monthly mortgage payment? 4. 2 pts: How much total interest will you pay over the life of the loan? This year, 10 years after you took out the loan, you check your loan balance. Only part of your payments has been going to paying down the principal balance; the rest has been going toward interest. You see that you currently have $128,779 left to pay on your loan, and your house is now valued at $210,000. 5. 1 pt: How much of the original loan have you paid off? (Keep in mind that interest charged each month is not part of the loan balance.) 6. 1 pt: How much money have you paid the loan company so far? 7. 1pt : How much interest have you paid so far? 8. 1 pt: How much equity do you have in your home? (Equity is the value minus the remaining debt.)
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