Description	Use the following information to answer all of the questions.
Instructions	Scenario: Mortgage Loan = $150,000 Loan length = 30 years Interest rate = 6% annually
Multiple Attempts	This test allows 3 attempts. This is attempt number 1.
Force Completion	This test can be saved and resumed later.

QUESTION 1

What will be the monthly mortgage payment?

		$908.17
		$857.23
		$899.33
		$895.46

1 points

QUESTION 2

Assuming you do not pay the loan off early, how much total interest will you pay the lender?

		$172,200.66
		$158,520.21
		$176,880.48
		$173,758.80

1 points

QUESTION 3

If you decide to amortize the loan over 15 year, what will be your monthly payment?

		$1,287.38
		$1,259.85
		$1,214.42
		$1,265.79

1 points

QUESTION 4

Assume you select a 15-year mortgage with an interest rate of 7.5 percent. What will your monthly payment be? (mortgage loan is still $150,000)

		$1,382
		$1,391
		$1,416
		$1,317

1 points

QUESTION 5

Assume you select a 15-year mortgage with an interest rate of 7.5 percent. How much total interest will you pay to the lender? (mortgage loan is still $150,000)

		$100,380.00
		$98,760.300
		$104,880.28
		$87,060.92