Homework Help?
1. Jamie will pay a monthly payment of $1,918.42 on a fixed rate mortgage over 30 years. What is the total principle and interest for the life of this mortgage rounded to the nearest dollar?
A)$575,526
B)$690,631
C)$57,553
D)$460,421
2. Jackie obtains a 30-year 4/2 ARM at 5% with a 4/7 cap structure in the amount of $313,500. What is the monthly payment during the initial period?
A)$1,832.69
B)$1,496.70
C)$1,682.94
D)$870.83
3. An investor obtains a balloon mortgage with the terms shown below.
$530,000
30/7 balloon
6.8% annual rate
What is the monthly payment on this mortgage?
A)$3,455.20
B)$3,678.58
C)$6,738.57
D)$7,947.40
4. A mortgage has the terms shown below.
$500,000
30/6 balloon
5% annual rate
Initial Monthly Payment: $2,684.11
What is the amount of balloon payment rounded to the nearest dollar?
A)$451,550
B)$431,460
C)$449,677
D)$306,744
5. A bank is advertising the following mortgage.
$195,000
25/7 balloon
7.2% annual rate
Monthly payment:$1,403.20
Balloon payment: $170,644.33
A)$179,287.28
B)$420,960.00
C)$288,513.13
D)$172,047.53