You are applying for a mortgage loan at 5.25% 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? a. $623.22 b. $653.81 c. $901.23 d. $1,011.64

9. Same facts as #8, what will be the balance of the loan after you have paid for a full 10 years? a. $109,877 b. $145,540 c. $150,129 d. $97,027

10. Same facts as #8, how long will it take you to pay off 75% of the loan ? a. About 22.3 years b. About 26 years c. 270 months d. 24 and years

11. Same facts as #8 above, what was the original balance of the loan? a. $229,000 b. $143,200 c. $183,200 d. Cannot determine from these facts

12. Same facts as #8, how much interest would you pay during the full life of the loan ? a. $85,703 b. $141,244 c. $81,158 d. $180,990

13. Same facts as #8 above, what if you paid an extra $75 each month. How long would it take to pay off the loan in full ? a. 268 months b. About 306 months c. 360 months d. About 284 months