1) A home buyer would like to know what is the principle balance of her home loan after 15 years. The original loan was for $250,000 at 3.5% for 30 years.
2) If the largest amount the bank will finance for you is $387,000, how big of a house can you buy if you plan a down payment of 10%?
3) You want to purchase a home for $312,450; the fixed rate loan is 4.1% for 30 years. What is the monthly payment of principle and interest? b) how much of the first payment is principle? c) what is the principle balance after the first payment? d) How much total interest will you pay over the life of the loan? e)What is the principle balance after 9 years of payments?
4) A A home buyer would like to know what is the principle balance of her home loan after 7 years. The original loan was for $138,900 at 5.8% for 30 years.
5) Compare the following two loans and answer the following 2 questions. Loan Option1: $183,000; 5.50%; 30 years with 1.0 points Loan Option2: $183,000; 5.97%; 30 years with no points What is the monthly mortgage payment for Loan Option 1? What is monthly mortgage payment for Loan option 2?