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Unformatted text preview: 10.5% for 25 years. a) What is their monthly payment? b) What is the total amount paid at the end of the loan? c) What is the total interest paid over the life of the loan? 4) Kayla & Bob (from above) have to pay closing costs on their loan as follows: Credit report: $40.00; Title search: $180.00; Property survey: $250.00; Lawyer’s fees: $400.00 Loan origination fee : 1.75% of the loan amount. How much was their closing costs? 5) Using the information from #3, complete the table for the first 4 months of their loan: Monthly Payment Amount for interest Amount for principal New balance...
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- Summer '06
- Interest, Kayla, Mortgage loan, Bob Burns, June Hawkins