answer 8 & 9

A homeowner bought a house for $300,000. He has $50,000 cash for down payment. He can get loan package with a $220,000 loan for 8% and a second mortgage of $30,000 loan for 12%, both loan are for 20 year. All loans require monthly payments and are fully amortizing What is the total monthly payment? $2319.11 $2267.53 52170.49 52019,56 A homeowner bought a house for $300,000. He has $50,000 cash for down payment. He can get loan package with a $220,000 loan for 8% and a second mortgage of $30,000 loan for 12%, both loan are for 20 year. All loans require monthly payments and are fully amortizing, What is the effective cost for the loan package? 8.91 742% 8.51% 8.02 3.5 pts Question 11 A homeowner bought a property for $300,000 5 years ago. He got a $250,000 loan at 9% for 30 years, the loan require monthly payments and is fully amortized. Currently mortgage rate for 25-year loan is at 7.5%. There is 2% origination fee charged on the new loan amount. All payments are monthly What is the mortgage balance now? $23128477 $239,700,56 $221.319.91 5241.519.11 3.5 pts Question 10 A homeowner bought a house for $300,000. He has $50,000 cash for down payment. He can get loan package with a $220,000 loan for 8% and a second mortgage of $30,000 loan for 12% first loan is 20 year. All loans require monthly payments and are fully amortizing Assuming the homeowner will own the property for the full loan term and the second mortgage has a 5-year term, what is the effective cost? 8.53 8.17% 2.91% 8.01% Previous Next