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Quiz 9.1-9.4

# Quiz 9.1-9.4 - closing costs shown as well as property...

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Quiz 9.1-9.4 Name:____________________ Money Management Date:___________Period:____ SHOW ALL WORK!! Complete the following.  To calculate monthly payments, you can  1).  Use the formula  n r M P 1 (1 r) - = - +  ,or  2).  Use the provided table  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 13.00% 11.72 11.28 11.07 13.50% 12.08 11.66 11.46 Monthly Payment for a \$1000 loan APR Length of the loan (years) 1)  Jeffery has obtained a loan to buy a \$95,000 home.  He is prepared to put 20% down.    a.  How much will he finance? ____________ b.  How much will his monthly payment be if he is financing for 25 years at 10.50%?  ____________ c.  How much total interest will he pay? ____________ d.  How much will the total cost of the house be? ____________ 2.  Alvin obtained a loan for a \$67,000 mortgage at 5% for 30 years.  At closing, they will have to pay the

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Unformatted text preview: closing costs shown as well as property taxes of \$435. What are the total closing costs? ____________ 3. You purchase a home for \$99,000. After a 20% down payment, you finance the remaining amount for 30 years at 11.50%. Complete the repayment schedule below for the first 6 months of your loan. (Hint; Calculate your monthly payment once. It will be the same all 6 months.) Credit report: \$45.00 Appraisal: \$350.00 Title Search: \$150.00 Recording fee: \$25.00 Legal fees: \$450.00 Loan origination fee: 1.5% of mortgage Monthly Amount for Amount for New Payment Interest Principal Principal Quiz 9.1-9.4 Name:____________________ Money Management Date:___________Period:____...
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