Question
(a) After making payments of $911.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan
(a) After making payments of $911.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff? (Round your answer to two decimal places.)
(b) A homeowner has a mortgage payment of $995.10, an annual property tax bill of $592, and an annual fire insurance premium of $280. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)
(c) Suppose you obtain a 30-year mortgage loan of $193,000 at an annual interest rate of 8.8%. The annual property tax bill is $977 and the annual fire insurance premium is $491. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)
(d) Leona Jefferson purchased a home and obtained a 20-year loan of $436,000 at an annual interest rate of 6.5%. Find the amount of interest paid on the loan over the 20 years. (Round your answer to the nearest cent.)
(e) Find the mortgage payment for a 15-year loan of $223,700 at an annual interest rate of 8.15%. (Round your answer to two decimal places.)
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