test chapter 9

# test chapter 9 - Math Money Management Test chapter 9 Name...

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Math Money Management Test chapter 9 Name ________________________________ Please do your own work. I. Use the payment chart shown for the following (where needed!!) 1) Mike and Song Yee offered \$87,000 on a house that had been priced at \$96,500 , and the seller accepted the offer. A 20% down payment is required. a) What is the amount of the down payment? ______ b) What is the amount of the mortgage loan needed to finance the purchase? _________ 2) Sam and Robin are interested in purchasing a home that sells for \$123,000. If they obtain a loan for this amount at 11% for 25 years, answer the following: a) What is their monthly payment? _______ b) How much do they pay back over the life of the loan? _______ c) Of the total amount paid back, how much is interest? ___________. 3) How much can be saved in total interest by financing \$60,000 at 13% for 20 years rather than 25 years? (Show how you calculate your answer!!) - (Hint: calculate total payments for both time periods, then find the

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test chapter 9 - Math Money Management Test chapter 9 Name...

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