1234 Rockhurst Lane Wichita Falls, TX 76308 Independent Mathematical Contractors 00 Anystreet Anytown, Anystate 00000 Dear IMC: I am buying a vacation home on a lake in North Texas. I am in the process of determining if I can afford this house. I am enlisting you to help me decide this based on your expertise in mathematics Here is the listing for the cabin I have contracted to buy: LAKESHORE COTTAGE ON BEAUTIFUL LAKE!! Time for outdoor fun on beautiful bay overlooking lake and hills. Swimming, boating, fishing and mountain biking opportunities abound! This 1 bedroom cottage was totally renovated in 2000. Includes a terrific great room with stone fireplace, kitchen, full bath, new paint, new root and refinished wood flooring. Plus 136' of lakeside land available for common recreational use. Offered at:$98,000+ 500T dollars, where T is the total number of letters in your first, middle and last names. 98000 500x 18 107-000-Price I will use one of these two loans to purchase the cabin and I will not consider any other loan offers. I have saved $14,000 for this purchase, I would like to make a down payment of5%. The rest of that amount is needed to pay for proration, taxes, legal costs, inspections, appraisal fees, utility hook-ups, mortgage insurance prepayments and other charges I have been preapproved for two different loans with the terms described below Term Type Rate Points 30 years 15 years fixed fixed 5.125% 41 25% The total house payment will include the monthly payment, mortgage insurance, property tax escrow and property insurance. Assume that mortgage insurance costs $75 per month and that home insurance costs $600 per year. My research shows that the property tax rate is 2.39% and properties are appraised at 90% of market value (assume sale price). slay in the house. for hwenty years2 how much uill sa ne