6. borrower takes out a 30-year mortgage loan for $300,000 with an interest rate of 5% and monthly payments. What portion of the first month's payment would be applied to loan balance? $360.46 $1,100 $300.46 $1,200.90
profile-image
Time remaining:
00 :09 :17
Finance
16. borrower takes out a 30-year mortgage loan for $300,000 with an interest rate of 5% and monthly payments. What portion of the first month's payment would be applied to loan balance?
$360.46
$1,100
$300.46
$1,200.90
17.A borrower takes out a 30-year adjustable rate mortgage loan for $200,000 with monthly payments. The first two years of the loan have a "teaser" rate of 3%, after that, the rate can reset with a 2.5% annual rate cap. On the reset date, the composite rate is 6%. What would the Year 3 monthly payment be?
$1,118.41
$1,240.30
$1,100.20
$1300.00
18.A borrower has a 25-year mortgage loan for $200,000 with an interest rate of 3% and monthly payments. If she wants to pay off the loan after 10 years, what would be the outstanding balance on the loan?
$137,336.40
$135,333.30
$125,000.20
4139,445.20
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
