Lollini_house project part IV - Mary Lollini Fall 2014...

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Mary LolliniFall 2014MTH108 House Project, Part IVPart IV: Comparing the Different Mortgages (35 pts)Carry forward the information from Part III to help you with this assignment.Purchase price of home:_119,900____Loan 1: 30-year fixed mortgage with 20% down payment:Down payment:$ 23,980 Monthly payment: $467.39Closing costs: $27,147.39Loan 2: 15-year fixed mortgage with 10% down payment:Down payment: $11,990Monthly payment: $766.14Closing costs: $15,456.14Loan 3: 30-year fixed mortgage with penalty:Down payment: $0Monthly payment: $693.62Closing costs: $3,518.52Loan 4: 15-year fixed mortgage with points :Down payment: $119901
Mary LolliniFall 2014
*** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** *** ***1.For each of the four different mortgages, determine, after the loan is paid off, how much you will have paid to the bank for your home including all costs. a.Loan 1: 30-year fixed mortgage with 20% down payment.
b.Loan 2: 15-year fixed mortgage with 10% down payment.
c.Loan 3: 30-year fixed mortgage (with penalty). 2
Mary LolliniFall 2014
d.Loan 4: 15-year fixed mortgage (with points).

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