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 $329,000. Lenders are offering 80% loan to value mortgages to you. What will be your monthly mortgage payment for principal and interest? a. $1,302.53 b. $1,536 c. $901.23

d. $977.20

9. Same facts as #8, what will be the balance of the loan after you have paid for a full 10 years? a. $218,772 b. $145,540 c. $185,524 d. $97,027

10. Same facts as #8, how long will it take you to pay off 75% of the loan ? a. About 20.3 years b. About 302 months c. 270 months d. About 312 months

11. Same facts as #8 above, what was the original balance of the loan? a. $263,200 b. Cannot determine given these facts

c. $223,200 d. $183,200

12. Same facts as #8, how much interest would you pay during the full life of the loan ? a. $185,703 b. $141,244 c. $289,747 d. $245,712

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 26 and years c. 309 months d. About 284 months