You are applying for a mortgage loan at 5.75% over 30 years with monthly payments. The home you are considering is at a price of $329,000. Lenders are offering 80% loan to value mortgages to you, how long will it take you to pay off 75% of the loan ?

a. About 20.3 years

b. About 302 months

c. 270 months

d. About 312 months

Same facts as above, what was the original balance of the loan?

a. $263,200

b. Cannot determine given these facts

c. $223,200

d. $183,200

12. Same facts as above, how much interest would you pay during the full life of the loan ?

a. $185,703

b. $141,244

c. $289,747

d. $245,712

13. Same facts as 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 26 and years

c. 309 months

d. About 284 months