For questions 10-13: Imagine that you are purchasing a house for $150,000. You have saved some money and would like to obtain an 80% loan to value mortgage loan so that you can have the lowest interest rate on your mortgage. The closing costs are $3,000. The loan term is 20 years. The interest rate is 5%. Real estate taxes on the house are $1,800 per year. Homeowners insurance is $750 per year. There is a homeowner's association fee of $600 per year. Since you are putting 20% down, you will not have to pay for private mortgage insurance. You estimate that your utility bills will average $350 per month. 12. What are the total amount of monthly payments and total interest paid on the loan? $213,681,60 and $93,681,60 $190.068 and $70.068 $154,605,60 and $54,605,60 $198.610.52 and $70.068 For questions 10-13: Imagine that you are purchasing a house for $150,000. You have saved some money and would like to obtain an 80% loan to value mortgage loan so that you can have the lowest interest rate on your mortgage. The closing costs are $3,000. The loan term is 20 years. The interest rate is 5%. Real estate taxes on the house are $1,800 per year. Homeowners insurance is $750 per year. There is a homeowner's association fee of $600 per year. Since you are putting 20% down, you will not have to pay for private mortgage insurance. You estimate that your utility bills will average $350 per month. 13. How much is the total monthly payment (house payment)? $1,404.45$1,141.95$1,054.45 $791.95 For questions 14 - 16: Imagine you are purchasing a late model vehicle for $15,000. You have saved $3,000 cash to purchase the vehicle. You have no trade-in vehicle. Sales tax of 7% will have to paid on the purchase price of the vehicle. The term of your vehicle loan is 5 years ( 60 months). The loan is a closed end credit loan. Payments are made monthly. The interest rate is 8.5%. 14. What is the total cost of your vehicle including purchase price and sales tax? $14,075 $16,000 $16,050 $12,000