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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online