Question

You want to buy a $203,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan at 4.3% annual interest
compounded monthly for the rest.

a) How much is the loan amount going to be?

$

b) What will your monthly payments be?

$

c) How much total interest do you pay?

$

d) Suppose you want to pay off the loan in 15 years rather than 30.
What will your monthly payment be?

$

e) How much money in interest will you save if you finance for 15
years instead of 30 years?

$

Answer #1

You want to buy a $186,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be? $ b) What will your
monthly payments be if the interest rate is 5%? $ c) What will your
monthly payments be if the interest rate is 6%?

You want to buy a $183,000 home. You plan to pay 15% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the annual interest rate
is 6%?
$
c) What will your monthly payments be if the annual interest rate
is 7%?
$

You want to buy a $209,000 home. You plan to pay 5% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
b) What will your monthly payments be if the interest rate is
6%?
c) What will your monthly payments be if the interest rate is
7%?

You want to buy a $258,000 home. You plan to pay 10% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to?
b) What will your monthly payments be if the interest rate is
6%?
c) What will your monthly payments be if the interest rate is
7%?

You want to buy a $231,000 home. You plan to pay 20% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be? $
b) What will your monthly payments be if the interest rate is
5%? $
c) What will your monthly payments be if the interest rate is
6%? $

You want to buy a $213,000 home. You plan to pay 20% as a down
payment, and take out a 30 year loan for the rest. a) How much is
the loan amount going to be? $ b) What will your monthly payments
be if the interest rate is 5%? $ c) What will your monthly payments
be if the interest rate is 6%?

You want to buy a $245,000 home. You plan to pay 10% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
5%?
$
c) What will your monthly payments be if the interest rate is
6%?
$

You want to buy a $247,000 home. You plan to pay 5% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
6%?
$
c) What will your monthly payments be if the interest rate is
7%?

You want to buy a $247,000 home. You plan to pay 5% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
6%?
$
c) What will your monthly payments be if the interest rate is
7%?
$

You want to buy a $205,000 home. You plan to pay 10% as a down
payment, and take out a 30 year loan for the rest.
a) How much is the loan amount going to be?
$
b) What will your monthly payments be if the interest rate is
5%?
$
c) What will your monthly payments be if the interest rate is
6%?
$

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