Math 117 - Unit 2 Project - Financial Mathematics Directions: Answer each of the following questions, showing any calculations needed to reach your answer. The questions build on one another, so make sure to work on them in numerical order. Clearly number your work and answers for each problem, then scan your work and submit it through the Blackboard assignment post in the Unit 2 folder by 11:59pm on Sunday. November 8th 1. Suppose that, 10 years ago, you bought a home for $250,000. You paid 10% as a down payment and financed the rest with a 30-year mortgage at 8% interest. How much did you pay for your down payment? 2. How much money was your existing mortgage for when you first took out the loan? 3. What is your current monthly mortgage payment? 4. How much total interest will you pay over the life of your current mortgage? 5. This year (10 years after initially taking out the mortgage). you look at your loan balance and see that you still have $197,380 left to pay on the loan. How much of the original loan have you paid off? 6. How much interest have you paid on the mortgage in the last 10 years? (Hint: The Interest pold will be your total amount paid in 10 years minus the amount you've paid off)