1.A house sells for $250,000 and a 15% down payment is made. A mortgage is secured at 8% for 20 years. Round your answers to two decimal places, if necessary.

a)How much is the down payment?

b)What is the value of the mortgage?

c)What is the monthly payment?

d)What is the total installment price?

e)How much is the finance charge for this loan?

2.A house sells for $409,500 and an 8% down payment is made. A mortgage is secured at 6% for 20 years. Compute an amortization schedule for the first 3 months. Round your answers to two decimal places, if necessary. The value of the mortgage is $376,740 and the monthly payment is $2,697.46.

Payment # Payment Interest Payment (Principal) Balance of Loan

1 2699.08

2

3