Question

15A. The price of a home is $125,000. The bank requires a 20% down payment at the time of closing. The remainder will be financed with a fixed-rate mortgage at 5 % % for 30 years. Find the total interest paid over the life of the loan. The price of a home is $290,000. The bank requires a 20 % down payment and one point 15B. at the time of closing. The cost of the home is financed with a 25-year fixed-rate mortgage at 6.5 %. The monthly payment is $1566. Find the total cost of interest over 25 years. $179,800 $237,800 $355,250 d. $374,216 ot n a ai b. o aval o c. A credit card has a monthly rate of 1.61%. In the November 1 - November 30 itemized billing, the unpaid balance on November 1 was $6000. A payment of $2500 was received on November 13. There are no purchases or cash advances in this billing period. The payment due date is December 9. i. 16A. Find the interest due on the payment due date using the average daily balance method. Find the total balance owed on the last day of the billing period. Minimum payment terms are shown below. What is the minimum payment due by December 9? ii. iii. New Balance $0.01 to $10.00 No pavment due $10.01 to $200.00 s10.00 IMinimum Pavment 00.0 $200.01 to $250.00 $15.00 $250.01 to $300.00 $20.00 $300.01 to $350.00 $25.00 $350.01 to $400.00 $30.00 $400.01 to $450.00 $35.00 $450.01 to $500.00 S40.00 1/10 of New Balance Over $500.00 TH

Answer 1

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Price of Home =$125,000 Down Poymnt amount $125000X 20 125000x2O 25000 1 Balamce amoumt -125000 -5000 $ 1loo, 000 100 P i-Rak of inteaest= 52/wl Gra 23 X120o monthly 0.00479167 n=No. of terms 30 N2 360 Monthly Installmont R Pi -n. 1- (+2) 100000 X 0 00479167 583. 57 311 -360 I - 100479167 $583. 57 (UP to 1 doumal place) Total Interest =$(360x583.ST l00,000)= $ 11o085.2 Toteul amoumt paid in installmonts 15(B) Total Tnterest eadame amoumt -$(a5x1ax1566- 290000 (1-20 -$u69800- 2 33 000) =$231 800 Thus option (6) 1S careat option (Rounded to unit pke (Leaung dacimal) For Q1S(A) id we take Them Total Interest usill be =$60X584- looooo)- 0240 R =584