Reed cach of the following questions carefully and make sure you understand what you are sled to find. Round all answers to the hundredth place 1. A potential homebuyer is interested in purchasing a house for $194,500. A bank offers a mortgage if the buyer makes a 10% down payment What is the amount of the down payment? 2. A homebuyer purchases a house that sells for $227,000. The bank asks for a down payment of 15%. The bank also charges 2 points at the time of closing. What is the down payment asked by the bank? What is the amount of the mortgage? What is the amount due to the bank for closing costs? 3. Use the table below to answer the following questions. A potential homebuyer wants to purchase a house that sells for $284,000. The bank asks for a 5% down payment if the buyer will purchase PMI for $3,050, which will be added to the amount of the mortgage. The buyer accepts. The interest is a 4.5% fixed rate for 25 years. The bank charges 1 point for closing costs. Monthly Payment (Principal + Interest) per $1,000 Interest 5 10 15 20 25 30 Rate (9%) Years Years Years Years Years Years 4% 18.42 10.13 7.4 6.06 5.28 4.78 4.59% 18.65 10.37 7.65 6.33 5.56 5.07 5% 18.88 10.61 7.91 6.6 5.85 3.37 What is the amount of the down payment? What is the total amount of the mortgage? What are the closing costs? p What is the monthly payment on the mortgage? e. What will be the total amount that the house will cost after all of the payments will have been made? E. How much interest will have been charged after all of the payments are made?" A new homebuyer purchases a house for $167,000 at a $% fixed mer rate for 30 years. How much of the first month : mortgage payment will go toward paying the interest of the loan? Suppose you are considering buying a house and trying to decide whether or not to acquire a mortgage or to save and pay cash. The house costs $190.000. The mortgage would be at a fixed rate of 406 for 30 years. Find the amount of money that would be saved if you paid cash. Use the table below to help. Monthly Payment (Principal + Interest) per $1.GOO Interest 10 15 20 25 30 Rate (96) Years Years Years Years Years Years 18.42 10 13 6.06 5.28 4.78 Show work Here