Personal Finance:

Curtis bought a condominium for $319000 and made a down payment of $64000. The annual interest rate for a five-year fixed rate mortgage is 5.49%. Determine the monthly payment for a 25 -year amortization period. a) $7082.22 b) $896.67 c) $1555.01 d) $1945.30 Natalie recently purchased her first home for $166000. Calculate the amount of Natalie's mortgage if she decided to make a 15% down payment and mortgage the rest. a) $144348 b) $157700 c) $190900 d) $141100 Sergio can afford a maximum of $1750 per month for mortgage payments. Given an annual interest rate of 4.95%, determine the maximum mortgage that he can afford for an amortization period of 15 years. a) $222765 b) $330592 c) $300142 d) $463858 Determine the monthly payment for a five-year fixed rate mortgage of $260000 amortized over 25 years at an annual interest rate of 6.49%. a) $1753.92 b) $1739.97 c) $922.92 d) $1723.93 Consider this amortization table for the first six months of a $195000 mortgage amortized over 15 years. \begin{tabular}{|c|c|c|} \hline Month & Principal Paid (\$) & Interest Paid (\$) \\ \hline 1 & 594.87 & 1200.13 \\ \hline 2 & 598.53 & 1196.47 \\ \hline 3 & 602.21 & 1192.79 \\ \hline 4 & 605.93 & 1189.08 \\ \hline 5 & 609.64 & 1185.35 \\ \hline 6 & 613.41 & 1181.60 \\ \hline \hline \end{tabular} Calculate the total amount paid in the first six months. a) $21540 b) $3569 c) $7145 d) $10770 Calculate the total interest paid over the term of a five-year fixed rate mortgage of $260000 amortized over 25 years at an annual interest rate of 6.49%. a) $79551.00 b) $81225.24 c) $7250.53 d) $3374.82