1. Beverly Frost bought a home for $190,000 with a down payment of $19,000 at 7%

Question

1. Beverly Frost bought a home for $190,000 with a down payment of $19,000 at 7% for 25 years. Since then the rate has risen to 9%. How much more would her monthly payment be if she bought the house at 9%?

2. Tom Burke buys a home in Virginia for $139,000. He puts down 30% and obtains a mortgage for 25 years at 12%. The portion of the first payment that covers interest is:

3. Darlene Ramirez bought a home for $140,000. She put 20% down with a mortgage rate at 7.5% for 25 years. Her yearly payments are:

4. 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:

Explanation / Answer

1. $226.44 additional

2. Total payment will be $1024.79. The first payment will include $973.00 interest and $51.79 principal. The remaining principal on the house will be $97,248.21

3. Her monthly payment is $827.67 so multiply by 12 for $9,932.04 in payments each year.

4. After making the first payment of $1404.43, the principal left is $207,722.24

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