Brainly.com



My answers are highlighted:Asia purchased a house using a fixed rate mortgage. The annual interest rate is 4.9% compounded monthly for 25 years. The mortgage amount is $165,000. What is the monthly payment on the mortgage? (1 point)$1,079.83$576.95$584.49$954.98Jamal will pay a monthly payment of $2,309.52 on a fixed rate mortgage over 15 years. What is the total principal and interest for the life of this mortgage rounded to the nearest dollar? (1 point)$415,714$692,856$34,643$554,285Hagan has a fixed rate mortgage of $534,000 at 5.4% for 20 years. The monthly payments are $3,643.22. How much will Hagan pay in interest after 20 years? (1 point)$874,373$562,836$28,836$340,373Janie obtains a 30-year 5/2 ARM at 3% with a 3/7 cap structure in the amount of $164,500. What is the monthly payment during the initial period? (1 point)$456.94$693.54$780.08$883.07McKenzie obtains a mortgage for $150,000 with the following terms: 20 year 6/1 ARM at 3.5% with a 2/7 cap structure Initial monthly payment: $869.94 What will be the balance of the loan at the end of the initial interest rate period? (1 point)$121,689.86$131,117.25$115,409.62$87,364.35Marcie has a 30 year adjustable rate mortgage with a fixed rate for the first 5 years. In the 6th year, the interest rate rises to 4.9%. The remaining balance at the end of the 5th years is $317,783.30. What is the monthly payment in the 6th year? (1 point)$1,686.56$1,059.26$1,878.56$1,839.26An investor obtains a balloon mortgage with the terms shown below. Balloon Mortgage$530,00030/7 balloon6.8% annual rate What is the monthly payment on this mortgage? (1 point)$3,455.20$3,678.58$6,738.57$7,947.40A mortgage has the terms shown below. Balloon Mortgage$300,00025/5 balloon6% annual rateInitial Monthly Payment: $1,932.90 What is the amount of the balloon payment rounded to the nearest dollar? (1 point)$184,026$269,796$271,145$280,559A bank is advertising the following mortgage: Balloon Mortgage$305,00015/6 balloon5.3% annual rateMonthly Payment: $2,459.85Balloon Payment: $211,850.64 What is the total cost of this balloon mortgage? (1 point)$388,959.84$214,310.49$442,773.53$232,212.916Susan attempts to determine the total cost of a $300,000 ARM, which starts at 5%, by predicting the monthly payments. Her predictions are shown in the table. What is the total cost of this mortgage based on Susan’s predictions? (1 point)$315,000.00$579,769.20$629,008.80$638,878.20Gretta needs a $300,000 mortgage and is offered two choices. The monthly payments for the fixed rate and predicted payments for the ARM are shown. What is the difference between the total costs of the mortgages rounded to the nearest hundred? (1 point)$8,700$1,700$15,800$5,000Julie is buying a house for $225,000. She obtains a mortgage in the amount of $156,000 at a 4.5% fixed rate. The bank offers a 4.25% interest rate if Julie pays 2.25 points. What is the cost of points for this mortgage rounded to the nearest dollar? (1 point)$3,510$5,063$6,630$7,020A bank offers the following loans: Bank A:Bank B:$375,000$375,00015-year fixed15- year fixed4.925%5.2%2.75 discount points0 discount pointsM = $2,950.85M= $3,004.69 What is the break-even point for the loans? (1 point)about 12 yearsabout 17 yearsabout 10 yearsabout 16 yearsA mortgage broker charges $3000 plus 2.3% of the mortgage amount. What is the mortgage broker fee for a $216,000 mortgage? (1 point)$5,300$7,968$4,968$5,037Carl purchased a house that sold for $399,000. He obtained a mortgage of $310,500. The bank charged 1.25 points for an origination fee and 1.5 discount points. What was the total cost of the origination fee and discount points that Carl paid? (1 point)$3,881.25$4,657.50$8,538.75$10,972.50Brady purchased a home for $299,000. He made a 20% down payment and financed the remaining amount. The intangible tax is 0.2%. Which of the following is the total amount of the intangible tax? (1 point)$478.40$598.00$47,840.00$59,800.00A mortgage is in the amount of $400,000. The origination fee is 0.9%, the intangible tax is 0.2%, and there are 2.5 discount points. Which of the following is the total cost of the origination fee, the intangible tax, and the discount points? (1 point)$10,800$10,000$14,400$4,400 Duane is purchasing a home for $351,000. He makes a 30% down payment and obtains a 20-year fixed rate mortgage loan at 5% annual interest. His monthly payments are $1,621.51. He pays an intangible tax of 0.2%. Which of the following is the total cost of principal, interest, down payment, and amount of intangible tax? (1 point)$389,162.40$494,953.80$495,164.40$389,653.80 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download