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Question regarding the monthly payment

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Reference no: EM131100162

1. You are eligible for $1026 monthly payment on a 30 year 4.5% fixed rate mortgage. You are interested in a condo whose property taxes are $300 a month and homeowners insurance are $60 a month.

a. How much money can you borrow and what is your monthly payment?

A. $126,455, $713

B. $129,488, $765

C. $131,442, $666

D. $136,267, $806

b. What is the interest and principle portions of your first payment

A. $333, $333

B. $466, $200

C. $493, $173

D. $500, $166

c. What is the principle balance of your mortgage after 15 years (180 payments)?

A. $87,059

B. $88,533

C. $93,125

D. $100,147

d. How much interest have you paid over the past 15 years (180 payments)?

A. $44,383

B. $49,321

C. $62,830

D. $75,497

e. If you increased your monthly payments by $50, how long would it take you to payoff your mortgage?

A. About 26 years

B. About 28 years

C. About 30 years

D. About 32 years

Reference no: EM131100162

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