$____________ 6.How much money have you paid to the loan company so far (over th

Question

$____________

6.How much money have you paid to the loan company so far (over the last 10 years)?

$____________

7.How much interest have you paid so far (over the last 10 years)?

$____________

8.How much equity do you have in your home (equity is value minus remaining debt)

$____________

Question 1. Points: 0 out of 1 possible. Suppose that 10 years ago you bought a home for $120,000, paying 10% as a down payment, and financing the rest at 8% interest for 30 years. Your existing mortgage (the one you got 10 years ago) How much money did you as your down payment? pay $ 12000 Preview Show Answer Question 2. Points: 1 out of 1 possible. How much money was your existing mortgage (loan) for? $ 108000 A Preview Show Answer Question 3. Points: 3 out of 3 possible. What is your current monthly payment on your existing mortgage? $ 792.47 Preview Note: Carry at least 4 decimal places during calculationsbut round your final answer to the nearest cent. Show Answer Question 4. Points: 1 out of 2 possible. How much total interest will you pay over the life of the existing loan? $177289.2 Preview Show Answer

Explanation / Answer

5.How much you paid off-

Loan taken - 108000

Loan left to pay-94743

Reduction- 13257

6.Total money paid to loan company = EMI * Months paid

=792.47*120 = 95096.4

7. Interest paid so far

First month interest will be 108000*(8/100)* (1/12) = 720 i.e rate times previous balance per month

It comes out to be

$715.02

............

and so on, sum comes out to be

8. Total money you need to pay till 30 years= 792.47*360= 285289.2

Debt left =285289.2-95096.4 = 190192.8

Equity you have = 170000- remaining debt = -20192.8 indicates debt remaining is more than the value of your home.

= $81,838.52

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