Question: 8. You are applying for a mortgage loan at 5.25% over 30 years with monthly payments. The home you are considering is at a price

a price of $148,000. Lenders are offering 80% loan to value mortgages

8. You are applying for a mortgage loan at 5.25% over 30 years with monthly payments. The home you are considering is at a price of $148,000. Lenders are offering 80% loan to value mortgages to you. What will be your monthly mortgage payment for principal and interest a. $404.14 b. $653.81 c. $526.95 d. $377.20 9. Same facts as #8, what will be the balance of the loan after you have paid for a full 10 years a. $65,039 b. $83,293 c. $77.000 d. $97,027 10. Same facts as #8, how long will it take you to pay off 75% of the loan a. About 28 years b. About 26 years c. 270 months d. 75 months 11. Same facts as #8 above, what was the original balance of the loan? a $118,400 b. $84,000 c. Cannot determine given these facts d. $104,000 Page 3 12. Same facts as #8, how much interest would you pay during the full life of the loan a $85.703 b. $110,000.00 c. $116.972 d. $51,792 13. Same facts as #8 above, what if you paid an extra $75 each month. How long would it take to pay off the loan in full a. 268 months b. 10 years exactly C. About 279 months d. About 284 months

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