Homework ?
1. jamie will pay a monthly payment of $1,918.42 on a fixed rate mortgage over 30 years. what is the total principle and interest for the life of this mortgage rounded to the nearest dollar?
a)$575,526
b)$690,631
c)$57,553
d)$460,421
2. jackie obtains a 30-year 4/2 arm at 5% with a 4/7 cap structure in the amount of $313,500. what is the monthly payment during the initial period?
a)$1,832.69
b)$1,496.70
c)$1,682.94
d)$870.83
3. an investor obtains a balloon mortgage with the terms shown below.
$530,000
30/7 balloon
6.8% annual rate
what is the monthly payment on this mortgage?
a)$3,455.20
b)$3,678.58
c)$6,738.57
d)$7,947.40
4. a mortgage has the terms shown below.
$500,000
30/6 balloon
5% annual rate
initial monthly payment: $2,684.11
what is the amount of balloon payment rounded to the nearest dollar?
a)$451,550
b)$431,460
c)$449,677
d)$306,744
5. a bank is advertising the following mortgage.
$195,000
25/7 balloon
7.2% annual rate
monthly payment: $1,403.20
balloon payment: $170,644.33
a)$179,287.28
b)$420,960.00
c)$288,513.13
d)$172,047.53