Question
This is one question with multiple parts. Please answer all parts 1a. You are applying for a mortgage loan at 4.25% over 30 years with
This is one question with multiple parts. Please answer all parts
1a. You are applying for a mortgage loan at 4.25% over 30 years with monthly payments. The home you are considering is at a price of $229,000. Lenders are offering 80% loan to value mortgages to you. What will be your monthly mortgage payment for principal and interest?
$623.22
$653.81
$901.23
$377.20
b. What will be the balance of the loan after you have paid for a full 10 years?
$109,877
$145,540
$111,765
$97,027
c. How long will it take you to pay off 75% of the loan ?
About 25.3 years
About 29 years
270 months
24 and years
d. What was the original balance of the loan?
$118,400
$143,200
Cannot determine given these facts
$183,200
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