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Buying a house: Purchase Price = $100,000 Loan to Value Ratio = 75% Interest Rate = 6% Term = 15 years 1.) What is the

Buying a house:

Purchase Price = $100,000

Loan to Value Ratio = 75%

Interest Rate = 6%

Term = 15 years

1.) What is the numerator of the mortgage constant equal to?

2.) What is the monthly mortgage constant equal to?

3.) What is the monthly payment equal to?

4.) How much interest do you pay in the second month?

5.) What is the percentage of the mortgage paid off after 5 years?

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