Question

Calculate the effective cost of the following loan if the borrower Loan amount: $100,000; Term: 30 years a. 8.285% b. C. prepays at the end of year 3 Interest rate: 7.5%; Monthly Payment: 5% prepayment penalty over entire te mn 8.645% 8.935% None of the above d. 20. You borrow $100,000 mortgage with monthly payments. You can either choose 15-year term wi choose 30-year term with payment between these two mortgages? a. $84,854 b. $102,366 c. $125,786 d. None of the above th interest rate 700, or interest rate 8%. If both loans are held to maturity, what is the difference of total interest You borrow $100,000 at 6% for 30 years with monthly payments You pay 2 discount points and your APR is 659 What is the amount of your other financing fees besides the discount points? a. $1,144.7 b. $2,144.7 c. $3,144.7 d. None of the above %. 21. You borrow $1 your total payment for year 11? 00,000 Constant Amortization Mortgage (CAM) at 10% for 20 years, assuming annual payment, what is 22 a. 5,000 c. 8,000 b. 6,000 d. 10,000

can I please have help with this? how would I calculate this in a financial calculator?

Answer 1

19. Option A is the right answer

20. with 7% the total payment will become $61789.4 for 15, years, and with 8% interest the interest payment is $164153.6

the difference is= 164,153.6- 61,789.4= $102, 364.2, hence option B is correct

21. option A is the right answer

22. option C is right answer