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8 . You are applying for a mortgage loan at 5 . 7 5 % over 3 0 years with monthly payments. The home you

8. You are applying for a mortgage loan at 5.75% over 30 years with monthly payments. The home you are considering is at a price of $229,000. Lenders are offering 80% loan to value mortgages to you. What will be your monthly mortgage payment for principal and interest?
a. $623
b. $653.81
c. $1,069
d. $1,011.64
9. Same facts as #8, what will be the balance of the loan after you have paid for a full 10 years?
a. $109,877
b. $145,540
c. $150,129
d. $152,276
10. Same facts as #8, how long will it take you to pay off 85% of the loan ?
a. About 332 months
b. About 26 years
c.270 months
d.24 and years
11. Same facts as #8 above, what was the original balance of the loan?
a. $229,000
b. $143,200
c. $183,200
d. Cannot determine from these facts
12. Same facts as #8, how much interest would you pay during the full life of the loan ?
a. $85,703
b. $201,678
c. $81,158
d. $180,990
13. Same facts as #8 above, what if you paid an extra $75 each month. How long would it take to pay off the loan in full ?
a.268 months
b. About 305 months
c.360 months
d. About 284 months

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