1. Kennedy Fischer bought a home in Lawton, Oklahoma for $140,000. He put down 20% and obtained a mortgage for 30 years at 5.5%. What is Joes monthly payment? What is the total interest cost of the loan?

2. Julia Roberts has closed on 50-acre estate near San Diego, California for $50,000,000. If she puts $20 million down, and finances at 7% for 30 years, what would her monthly payment be?

3. Freddie Mac reports that the average rate on a 30-year fixed mortgage is 3.92% as of January 2020. This is down from 4.76% in January 20, 2019 and 5.03% in January 2010. If you have a $225,000 5%, 30-year mortgage, how much interest will you save if you refinance your loan at 3.5% for 15 years?

4. Mike Jones bought a new-split home for $150,000 with 20% down. He decided to use Victory Bank for his mortgage. Victory was offering 13.75% for 25-year mortgages. Provide Mike with amortization schedule for the first 3 periods.

5. Rick Rueta purchased a $90,000 home at 9% for 30 years with a down payment of $20,000. His annual real estate tax is $1800 along with an annual insurance premium of $960. Ricks bank requires that his monthly payment include an escrow deposit for the tax and insurance. What is the total interest payments?

6. Mark Wheeler, an employee at Walmart, made deposits $800 at the end of each year for 4 years. Interest rate is 4% compounded annually. What is the value of Regans annuity at the end of 4 years?

7. Jane Watson promised to pay his son $400 semiannually for 12 years. Assume Jane can invest his money at 6% in an ordinary annuity. How much most Jane invest today to pay his son semiannually for 12 years.

8. To help you reach financial security upon retirement, you should invest 20% of your income annually. If you automatically transferred $3000 at the end of each year to a retirement account earning 4% interest compounded annually, how much would you have after 25 years? Thirty years?

9. The average American has $99 lying about, Stick $99 in an ordinary annuity amount each year for 10 years at 5% interest and watch it grow. What is the cash value of this amount of this annuity at the end of year 10.

10. Robert Nelson has decided to retire in Lawton after 10 years. What amount he should invest today, so that he will be withdraw $28,800 at the end of each year for 15 years after he retires. Assume he can invest the money at 8% compounded annually.