Math Mod Unit 7 Lesson 6

mortgage

a contract under which a person borrows money to buy property

Brianna's monthly payment included $790.33 for principal and interest, as well as one twelfth of the annual property taxes of $4,450.95, and one twelfth of the annual insurance premium on the property of $1,275. What will Brianna's total monthly payment be?

$1,267.49

Adrian's monthly payment includes $837.61 for principal and interest, as well as one twelfth of the annual property taxes of $4,387.50, and one twelfth of the annual insurance premium on the property of $986. What will Adrian's total monthly payment be?

$1,285.40

Jeff's monthly payment includes $901.88 for principal and interest, as well as one twelfth of the annual property taxes of $4,274.25, and one twelfth of the annual insurance premium on the property of $943. What will Jeff's total monthly payment be?

$1,336.65

amortization table

a table showing a monthly breakdown of how much of a payment goes toward interest, how much goes toward escrow, and how much is paid on the principal loan

Lynda's new home had a purchase price of $235,500. She got a 40-year fixed mortgage for 80% of the purchase price. The interest rate on the loan is 4.025%. a. What is her monthly payment for the loan? b. What is the total amount paid? c. What is the cost of the loan?

a. $787.69 b. $378,091.20 c. $189,691.20

Brody's new home had a purchase price of $187,500. He got a 30-year fixed mortgage for 95% of the purchase price. The interest rate on the loan is 3.875%. a. What is his monthly payment for the loan? b. What is the total amount paid? c. What is the cost of the loan?

a. $834.92 b. $300,571.20 c. $122,446,20

Manuel's new home had a purchase price of $153,750. He got a 15-year fixed mortgage for 85% of the purchase price. The interest rate on the loan is 2.990%. a. What is his monthly payment for the loan? b. What is the total amount paid? c. What is the cost of the loan?

a. $899.63 b. $161,933.40 c. $31,245.90