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quiz 9.1 - 9.4

# quiz 9.1 - 9.4 - 10.5 for 25 years a What is their monthly...

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Math Money Management Quiz 9.1 – 9.4 Name _______________________ PLEASE!!! Watch your rounding!! Be careful of careless errors!! 1) You find a house you like for \$115,500. The required down payment is 15%. How much is your mortage loan amount? 2) June Hawkins saw house for \$98,000. She offered a price of \$92,500 and the seller accepted. The bank required a down payment of 12%. How much was her loan amount? Use the table below to answer the questions that follow (#3 & 5): Monthly payment for a \$1000 loan Annual interest rate Length of loan (Years) 20 25 30 10.00% \$9.66 \$9.09 \$8.78 10.50% \$9.99 \$9.45 \$9.15 11.00% \$10.33 \$9.81 \$9.53 11.50% \$10.67 \$10.17 \$9.91 12.00% \$11.02 \$10.54 \$10.29 12.50% \$11.37 \$10.91 \$10.68 3) Kayla and Bob Burns have obtained a \$85,000 mortgage loan at an annual interest rate of

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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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