8. 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. $ 1,011.649. 9. 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
8. 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. $ 1,011.649. 9. 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
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter5: Making Automobile And Housing Decisions
Section: Chapter Questions
Problem 7FPE
Related questions
Question
![8. 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. $
1,011.649. 9. 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F63c14279-1589-459a-9dfc-a501372a7d81%2F32d81b82-6e6c-4a4a-8cbf-6a90100ae344%2Fpv5nbv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:8. 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. $
1,011.649. 9. 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
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