Question 7 (3 points) Mr. Lansing bought a house for $250,000. He put 25% down and obtained a fully amortized monthly loan for the balance at 3.25% interest for 30 years. What is his monthly mortgage payment? 1088.02 9877.82 816.01 13,170.43 Question 8 (3 points) St. Michel borrows a $ 120,000 monthly amortizing mortgage at 9 percent for 30 years. How much interest does he pay in the first ytar of the mortgage? 0965.55 65.55 10766.73 900.00 Question 9 (3 points) Garrison borrows $ 1,000,000 by a monthly amortizing mortgage with payments over 30 years at a rate of 5% per annum interest. What is the remaining balance after 3 years? 804,845.69 952,550.35 953,435.95 983,895.35 Question 10 (3 points) My friend can afford a monthly payment of $ 6,000, annuity. If the current interest rate on 30-year, fixed rate mortgage is 9.5%, what is the maximum amount of mortgage that she could qualify for? 2,160,000.00 891,950.11 713,560.09 920,000.00 Question 11 (3 points) Your friend has a trust fund that will pay him $100,000 at the end of 10 years. Your friend, however, wants his money today. He promises to sign his trust fund over to you if you give him some money today. You require a 20% interest rate on the money you lend to friends. How much would you be willing to lend under these terms? $16,151 $80,000 $0-it would be impossible to earn 20% interest on the loan. $50,000