Question
Answer all plz!!! :) Use the following information to answer the questions. Carrie and Joe each want to buy a new house. They each plan
Answer all plz!!! :)
Use the following information to answer the questions. Carrie and Joe each want to buy a new house. They each plan to get a $220,000 mortgage and finance their homes for 30 years.
Carrie has little debt, uses her credit cards responsibly and, as a result, has a high credit score. Carrie qualifies for a 6.25% fixed rate mortgage.
Joe on the other hand carries large balances relative to his income and pays his bills 'when he gets around to it.' As a result, his credit score is low. Joe qualifies for a 8.25% fixed rate mortgage.
1.
Ignoring taxes and insurance, what will Carrie's monthly mortgage payment be?
Question 1 options:
|
$1,426.92
|
|
$1,354.58
|
|
$1,440.49
|
|
$1,589.75
|
|
$1,031.38
|
2.
Ignoring taxes and insurance, what will Joe's monthly mortgage payment be?
Question 2 options:
|
$1,240.99
|
|
$1,748.29
|
|
$1,426.92
|
|
$1,131.38
|
|
$1,652.79
|
3.
How much will Carrie pay in interest over the life of her mortgage?
Question 3 options:
|
$184,100.10
|
|
$293,689.69
|
|
$151,296.12
|
|
$175,411.34
|
|
$267,648.02
|
4.
How much will Joe pay in interest over the life of her mortgage?
Question 4 options:
|
$445,507.02
|
|
$254,100.10
|
|
$225,637.92
|
|
$375,003.15
|
|
$293,689.69
|
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