answers for 7-11

For Problems 7-10, assume you get a 30-year $170,000 mortgage loan at 7.5% interest, with monthly payments of $1,188.66. 7. Calculate the total interest for the entire 30 years. 8. The lender requires an escrow account. Property taxes are currently $1,950 per year and insurance is $550. What additional amount is required each month for taxes and insurance (TI)? 9. What is your total monthly payment (PITI)? 10. Your payment will likely change in the future, as property taxes and insurance change. ( T or F ) Unit 15.2 Paying off a mortgage loan and increasing equity 11. Refer to Problems 7-10. Calculate interest, principal, and remaining balance for the first two monthly payments