Joe Jay purchased a new colonial home for $260,000, putting down 20%. He decided to use Loyal Bank for his mortgage. They were offering a 6 1/2% for a 25-year mortgage. The principal after the first payment had a balance outstanding of: Multiple Choice   $259,652.79   $207,722.24   $206,595.57   $258,244.46

Darlene Ramirez bought a home for $140,000. She put 20% down and financed the rest with a 20 year 3.5% mortgage. The total of her monthly payments for a year are: Multiple Choice   $649.55   $7,794.60   $9,743.28   $9,329.61

Stu Reese has a $150,000 7 ½% mortgage. His monthly payment is $1,010.10. His first payment will reduce the principal to an outstanding balance of: Multiple Choice   $148,989.90   $149,927.40   $72.60   $937.50

Dick Hercher bought a home in Homewood, Illinois, for $230,00O. He put down 20% and obtained a mortgage for 25 years at 8%. The total interest cost of the loan is: Multiple Choice $327,372.80 None of these $184,000.00 $242,144.00 $242,411.00 acer

Dick Hercher bought a home in Homewood, Illinois, for $230,000. He put down 20% and obtained a mortgage for 25 years at 8%. The total interest cost of the loan is:   Multiple Choice   $368,000   $327,372.80   $302,554   $242,042

A buyer has agreed to purchase a home for $50,500. The buyer will assume a first mortgage in the amount of $32.200, will deposit $2.200 as earnest money, will deposit $5,600 in cash at cosing, and wl give the sellet a purchase- money mortgage for the balance. What is the amount of the purchase-money mortgage? a)$24,400 b)$18,300 c)$16,100 d)$10,500

Jeff purchased a house costing $200,000.  He put 20% down and borrowed the balance negotiating a 4.20% conventional fixed-rate mortgage loan with a maturity of 15 years  Approximately, how long would it take Jeff to repay one-half of the original loan principal balance if payments are made as agreed?

Mike Jones bought a new split-level home for $150,000 with 20% down. He decided to use Quicken Loans for his mortgage. Quicken was offering 3 3/4%  for 25-year mortgages. Provide Mike with an amortization schedule for three periods. (Use Table 15.1) Note: Do not round intermediate calculations. Round your answers to the nearest cent.   Payment number Portion to interest Portion to principal Balance of loan outstanding 1   241.96 $119,758.04 2       3   243.47   TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651…

The Hills obtain a 30-year, $144,000 conventional mortgage at a 4.5% rate on a house selling for $180,000. Their monthly mortgage payment, including principal and interest, is $729.63. They also pay 2 points at closing. Determine the total amount the Hills will pay for their house over 30 years. The total amount is $ (Round to the nearest cent as needed.)