Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 6 0.5 pts Melanie borrows $408,250 for a home mortgage. The mortgage is for 31 years at 3.48% interest. If Melanie makes an extra

image text in transcribedimage text in transcribedimage text in transcribed

Question 6 0.5 pts Melanie borrows $408,250 for a home mortgage. The mortgage is for 31 years at 3.48% interest. If Melanie makes an extra principal payment of $200 per month, how much will she pay in total interest over the life of the loan? O $620,008.49 0 $1,183.93 O $259,594.06 O $211,758.49 Question 7 0.5 pts Luke has a 30-year home mortgage. He borrowed $213,000 at a rate of 3.35% (fixed). How much of his first monthly mortgage payment will go towards principal (as opposed to interest)? $4,228.97 $344.09 $594.63 $938.72 Question 8 0.5 pts Roberto has a 30-year home mortgage. He borrowed $200,000 at a rate of 3.5% (fixed). How much of his first monthly mortgage payment will go towards interest (as opposed to principal)? O $583.33 O $314.76 O $123,312.18 0 $582.42 Question 9 0.5 pts Carl borrows $246,350 for a home mortgage. The mortgage is for 17 years at 3.92% interest. If Carl makes an extra principal payment of $150 per month, how much will he pay in total interest over the life of the loan? O $804.74 O $91,521.44 O $326,625.04 O $80,275.04 Question 10 0.5 pts Justin borrows $315,000 for a home mortgage with monthly payments. The mortgage is for 23 years at 2.97% interest. How much total interest will Justin pay over the life of the loan? O $435,117.82 O $315,000.00 O $120,117.82 O $779.63

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quantum Economics And Finance

Authors: David Orrell

3rd Edition

1916081630, 978-1916081635

More Books

Students also viewed these Finance questions

Question

=+ (c) From (18.10) deduce T(4) = VIT.

Answered: 1 week ago

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

e. What do you know about your ethnic background?

Answered: 1 week ago