1)Figure the payment in the following scenario: You are purchasing a home for 600k. The down payment is 20%. The interest rate is 5%. The term of the loan is 20 years.

A.$2875.98

B.$2576.74

C.$3167.79

D.$3098.01

2)Calculate the payment for the following Home Equity Line of Credit. Loan Amount: $200,000. Interest Rate: 4.5%

A.$1013.37

B.$893.66

C.$874.89

D.$750.00

1)Calculate the UFMIP on the following FHA loan. Loan amount: $729,000. Interest Rate: 5%. Term: 30 years. UFIMP factor: 1.75

A.$742,657.50

B.$11,488.72

C.$12,757.50

D.$743,648.55

2)If a borrower has a monthly payment of $7699 on a mortgage and their interest rate is 7% and the term of the loan is 30 years, what is the loan amount?

A.$1,157,217.97

B. $987,988.01

C.$1,045,284.28

D.$843,284.18

1)The CAPS on an ARM dictate the floor and ceiling of adjustments in a particular year.

True/False