The median price of a three$-$bedroom home on Oahu was $$844,750$ in September $2020.$ How much would your monthly payment be$,$ given a $30$ year mortgage at an annual $4\%$ rate if interest is added monthly?

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Your answer: Monthly Payment $=$

For the loan above, how much would you pay in interest over the life of the loan? $($Hint: multiply the amount you pay per month by the number of months you pay. Then subtract the loan from the total amount paid to find the interest.

The rest of the questions are extra credit.

The monthly mortgage payment on your house is $$593\mathrm{.}90.$ It is a $30$ year mortgage at an annual rate of $7\mathrm{.}8\%$ with interest added monthly. How much did you borrow?

a$)$ Is it a single sum or an annuity.

b$)$ Write here what you are looking tor

c$)$ Fill in the following.

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Your answer:

$17.$ You and your spouse have found your dream house in lowa. The selling price is $$120,000$; you will obtain a $30-$year fixed$-$rate mortgage at $8\mathrm{.}25\%$ APR. Assume that monthly payments begin in one month.

a$)$ What will each payment be$?$

a$)$ Is it a single sum or an annuity.

b$)$ Write here what you are looking for

c$)$ Fill in the following.

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Your answer:

$18.$ How much interest will you pay $($in dollars$)$ over the life of the loan? $($Assume you make each of the required $360$ payments on time.$)$

$19.$ You just graduated college and want to start saving for a condo. You have checked the prices of condos in Kapolei and think you can buy one for $$300,000.$ The down payment would be $$60,000.$ How much will you need to save every month if you plan to buy it in $5$ years and need the down payment by then? The return on current investments is $2\%$ per year with interest added monthly.

$20.$ Look at the data in #$19.$ Suppose you want to buy a three$-$bedroom house selling at around $$750,000.$ The down payment would be $15\%$ or $$112,500.$ How much will you need to save every month if you plan to buy it in $5$ years? $?$ The return on current investments is $2\%$ per year with interest added monthly.

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Your answer: