You buy a house for $299,000.
If you make a 20% down payment, find the value of the
a. Down payment $ 59800
If you take out a loan for the remainder of the house, find the
b. Loan amount $ 239200
Question 2
How much will your principal and interest payment be per month if you take out a 30-
year loan with an interest rate of 4.25%.
Question 3
How much would you pay in total per month for the 30-year loan if you pay $3200/year
in taxes, $1050/year in insurance and $28/month for the homeowner's association?
Question 4
How much of the first payment for the 30-year loan is interest?
Question 5
How much of the first payment for the 30-year loan is principal?
Question 6
How much in total will you pay for the 30-year loan?
Question 7
How much will you pay in interest for the 30-year loan?