1.     You are applying for a mortgage loan at 5.75% over 30 years with monthly

1.     You
are applying for a mortgage loan at 5.75% over 30 years with monthly
payments.  The home you are considering
is at a price of $229,000.  Lenders are
offering 80% loan to value mortgages to you. 
What will be your monthly mortgage payment for principal and interest?
a.   
$623
b.   
$653.81
c.    
$1,069
d.   
$1,011.64
2.      Same facts as #8, what will be the balance of
the loan after you have paid for a full 10 years?
a.   
$109,877
b.   
$145,540
c.    
$150,129
d.   
$152,276
3.      Same facts as #8, how long will it take you to
pay off 85% of the loan ?
a.   
About 332 months
b.   
About 26 years
c.    
270 months
d.   
24 and ¾ 
years
4.      Same facts as #8 above, what was the original
balance of the loan?
a.   
$229,000
b.   
$143,200
c.    
$183,200
d.   
Cannot determine
from these facts
5.     Same
facts as #8, how much interest would you pay during the full life of the loan ?
a.   
$85,703
b.   
$201,678
c.    
$81,158
d.   
$180,990
6.      Same facts as #8 above, what if you paid an
extra $75 each month.  How long would it
take to pay off the loan in full ?
a.   
268 months
b.   
About 305 months
c.    
360 months
d.   
About 284 months