Weston is buying a house for $215,000. He is financing $185,000 and obtained a 30-year, fixed-rate mortgage with a 6.525% interest rate. How much are his monthly payments? (2 points)

	$1,005.94
	$1,362.48
	$1,614.09
	$1,172.37

2.

Kurt is financing a $315,000 mortgage for 30 years at a fixed rate of 7.35%. What is the total cost of the principal and interest after 30 years? (2 points)

	$651,078.00
	$676,305.00
	$781,293.60
	$788,489.94

3.

Arnold is financing a condominium for $592,000. He gets a 30-year, fixed rate mortgage with a rate of 5.575%. How much interest will he pay over the life of his loan? Round to the nearest dollar. (3 points)

	$1,220,119
	$43,585
	$181,614
	$628,119

4.

Maria is debating between two different mortgages for $155,000. She found a 20-year fixed rate loan at 7.35% and 15-year fixed rate loan at the same rate. How much more interest will she pay for the 20-year loan versus the 15-year loan? (3 points)

	$2,492.45
	$40,013.40
	$57,737.40
	$5,158.30

5.

Below is the formula for calculating monthly payments for a fixed-rate loan.

Part 1: Explain what the following variables represent and how changing each one affects the monthly payment amount: P, i, and t. Part 2: Explain how changing each variable (P, i, and t) affects the total cost of principal and interest over the life of the loan.