1. What is the payment on a loan for $149,658 with an interest rate of 5.90% if the loan will mature in 30 years? Round to 2 decimal points and do NOT include a dollar sign.
2. What is the payment on a loan for $131,310 with an interest rate of 4.90% if the loan will mature in 18 years? Round to 2 decimal points and do NOT include a dollar sign.
3. What is the payment on a loan for $106,745 with an interest rate of 5.90% if the loan will mature in 17 years? Round to 2 decimal points and do NOT include a dollar sign.
4. What will be the total paid on a home mortgage for $149,921 with an interest rate of 5.90% if the loan will mature in 15 years? Round to 2 decimal points and do NOT include a dollar sign.
5. What will be the total interest paid on a home mortgage for $123,988 with an interest rate of 3.90% if the loan will mature in 23 years? Round to 2 decimal points and do NOT include a dollar sign.
6. What will be the total interest paid on a home mortgage for $189,536 with an interest rate of 2.90% if the loan will mature in 22 years? Round to 2 decimal points and do NOT include a dollar sign.
7. What will be the total paid on a home with a mortgage for $191,699 with an interest rate of 4.90% if the loan will mature in 28 years? Round to 2 decimal points and do NOT use a dollar sign.
8. Recognizing that the portion of a payment on an amortized loan will go more towards the interest in the beginning is part of understanding how significant the impact of time is on the cost of a mortgage. How much of the first payment on your friends mortgage went to pay interest if it is a 30 year, 5.13%, $290,000 mortgage? (Do not use a dollar sign in your answer)
9. Indicate your overall ability to help your friend decide if she should refinance the loan in the question above, after 10 years by entering the dollar amount of interest that could be saved or lost by refinancing the remainder of the mortgage at the new rate of 5% for the remaining number of periods on the mortgage?
10. Interest is not the only expense involved in finance charges. To be certain you would not lead your friend astray describe what other costs might influence this decision.