Name Chapter 15 Cost of Home Ownership PartI Vocabulary Matchup 1. Amortization schedule A. Loan 2. Biweekly 3. Graduated payments C. Breakdown of principal and interest 4. Mortgage 5. Points 6. Variable Rate B. Not fixed D. E. F. One time up front payment Mortgage payments rise in later years 26 payments per year Part II Drill Use the tables in the handbook 7. Given: Selling price of $125,000; Down payment of $20,000; Mortgage rate of 10 % for 30 years Calculate: A. Principal , B. Payments per $1,000 C. Monthly mortgage payment 8. Calculate total cost of interest in question 7. 9. If the loan in question 7 was for 25 years, what is the difference in the 8. total interest cost of the loan? 10. Given a mortgage of $88,000 at 11% for25 years, by what amount is the principal reduced the first month