6. Jill Diamond bought a home for $190,000 with a down payment of $65,000. The r

Question

6. Jill Diamond bought a home for $190,000 with a down payment of $65,000. The rate of interest was 7% for 35 years. Her monthly mortgage payment is:

A. $843.75

B. $834.57

C. $798.75

D. $978.57

E. None of these

7. Lizzy Clar bought a home for $160,000, putting down $30,000. The rate of interest is 7% for 25 years. The total yearly mortgage payment is:

A. $11,029.20

B. $11,920.20

C. $919.10

D. $18,782.40

E. None of these

8. Marsha Terban bought a home for $119,000 with a down payment of $19,000. Her rate of interest is 12 1/2% for 35 years. The balance of the mortgage at the end of the first month is:

A. $3.33

B. $98,944

C. $99,669.76

D. $99,985.67

E. None of these

9. 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%?

A. $208.97

B. $436.40

C. $143.00

D. $227.43

E. None of these

Explanation / Answer

6)

7)

8) D

9)

($226.43)

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