2.

Jamal will pay a monthly payment of $2,309.52 on a fixed rate mortgage over 15 years. What is the total principal and interest for the life of this mortgage rounded to the nearest dollar? (3 points)

	$415,714
	$692,856
	$34,643
	$554,285

3.

Hank has a fixed rate mortgage of $483,000 at 6.1% for 30 years. The monthly payments are $2,926.95. How much will Hank pay in interest after 30 years? (3 points)

	$1,053,702
	$570,702
	$29,463
	$512,463

4.

Jacey obtains a 30-year 6/2 ARM at 4% with a 2/6 cap structure in the amount of $224,500. What is the monthly payment during the initial period? (3 points)

	$1,071.80
	$1,184.99
	$1,345.99
	$623.61

5.

Matt obtains a mortgage for $400,000 with the following terms:

• 25 year 7/1 ARM at 4.5% with a 3/8 cap structure
• Initial monthly payment: $2,223.33

What will be the balance of the loan at the end of the initial interest rate period? (4 points)

	$213,240.28
	$328,737.10
	$348,105.14
	$351,431.61

6.

Marcia has a 25 year adjustable rate mortgage with a fixed rate for the first 6 years. In the 7^th year, the interest rate rises to 5.4%. The remaining balance at the end of the 6^th years is $178,562.50. What is the monthly payment in the 7^th year? (4 points)

	$783.17
	$1,085.89
	$1,254.07
	$1,294.25