Question: REVIEW 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

REVIEW 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 ? I 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. $164.000

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