1) A home buyer would like to know what is the principle balance of her home loan after 12 years. The original loan was for $250,000 at 3.5% for 30 years.
2) If the largest amount the bank will finance for you is $387,000, how big of a house can you buy if you plan a down payment of 30%?
3) You want to purchase a home for $312,450; the fixed rate loan is 4.1% for 15 years
What is the monthly payment of principle and interest? b) How much of the first payment is principle? c)What is the principle balance after making your first payment? d) How much interest will you pay over the life of the loan? e)What is the principle balance after making 9 years worth of payments?
4) Compare the following two loans and answer the following question:
Loan Option 1: $327,000; 3.0%; 30 years with 2 points
Loan Option 2: $327,000; 4.75%; 30 years with no points
What is the monthly mortgage payment for Loan Option 1?
What is the montthly morgage payment for loan option 2?