median home price is $272,700

- In 2000 , a person bought a home in the state you identified in part a. The price of the home is the median home price that you found in part a. The person paid 10% as a down payment, and financed the rest at 8.64% APR compounded monthly for 30 years. - How much was the down payment? - What was the remaining cost that needed to be financed through a mortgage? - What was the monthly payment for the mortgage? - Over the 30 years, assuming the person just pays the monthly payment, how much will the person pay for the house? - Over the 30 years, assuming the person just pays the monthly payment, how much interest will be paid? - In part b, you found the monthly mortgage payment for a 30 year loan. From the day that the person received the loan, if they had decided to pay an extra $50 per month above the required loan payment, what would this mean about how much they paid for the house? The amount of the loan, the future value of the loan, and the APR are not changing. - What is the monthly payment in this situation? - How many periods would it take for the person to pay off the mortgage? How many years is this? - How much will the person pay for the house? - How much interest will be paid? In 2000 , a person bought a home in the state you identified in part a. The price of the home is the median home price that you found in part a. The person paid 10% as a down payment, and financed the rest at 8.64% APR compounded monthly for 30 years. - How much was the down payment? - What was the remaining cost that needed to be financed through a mortgage? - What was the monthly payment for the mortgage? - Over the 30 years, assuming the person just pays the monthly payment, how much will the person pay for the house? - Over the 30 years, assuming the person just pays the monthly payment, how much interest will be paid? - In part b, you found the monthly mortgage payment for a 30 year loan. From the day that the person received the loan, if they had decided to pay an extra $50 per month above the required loan payment, what would this mean about how much they paid for the house? The amount of the loan, the future value of the loan, and the APR are not changing. - What is the monthly payment in this situation? - How many periods would it take for the person to pay off the mortgage? How many years is this? - How much will the person pay for the house? - How much interest will be paid