Question: This is one question with multiple parts. PLEASE ONLY ANSWER PART 1E AND 1F 1a. You are applying for a mortgage loan at 4.25% over

This is one question with multiple parts. PLEASE ONLY ANSWER PART 1E AND 1F

1a. You are applying for a mortgage loan at 4.25% over 30 years with monthly payments. The home you are considering is at a price of $229,000. Lenders are offering 80% loan to value mortgages to you. What will be your monthly mortgage payment for principal and interest?

$623.22

$653.81

$901.23

$377.20

1b. What will be the balance of the loan after you have paid for a full 10 years?

$109,877

$145,540

$111,765

$97,027

1c. How long will it take you to pay off 75% of the loan ?

About 25.3 years

About 29 years

270 months

24 and years

1d. What was the original balance of the loan?

$118,400

$143,200

Cannot determine given these facts

$183,200

1E, How much interest would you pay during the full life of the loan ?

$85,703

$141,244

$81,158

$51,792

1F, What if you paid an extra $75 each month. How long would it take to pay off the loan in full ?

268 months

Almost 22 years

309 months

About 284 months

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