The difference between the monthly payments on a $120,000 mortgage at 6 ½% and at 8% for 25 years is: Multiple Choice $81.12 $151.02 $115.93 $91.12
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The difference between the monthly payments on a $120,000 mortgage at 6 ½% and at 8% for 25 years is:
-
$81.12
-
$151.02
-
$115.93
-
$91.12
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- You purchase a house for $188,938.00. You made a down payment of 20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30-year mortgage with an annual interest rate of 5.64%. Mortgage payments are made monthly. What is the monthly amount of your mortgage payment?A $90,000 reverse mortgage is for 10 years at 8% interest rate where payments are made monthly at the end of each month. What is the ending balance on this loan in month 2? A. 983.90 B. 974.81 C. 990.42 D. 980.64 E. 977.38 F. 987.18A $50,000 mortgage loan requires monthly payments of $520 for 20 years. What is the semiannually compounded nominal rate of interest on the loan?A. 11.3752%B. 11.6987%C. 11.1146%D. 0.9381%E. 11.2573%
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