You took out a 20-year, $125,000, 4.5 percent loan 8 years ago. What is your current principal balance, assuming payments are made monthly?
76. You took out a 20-year, $125,000, 4.5 percent loan 8 years ago. What is your current principal balance, assuming payments are made monthly?
A. $58,588
B. $65,130
C. $74,988
D. $87,867
E. $88,889
Answer
$87,867
77. Ten years ago, you borrowed $165,000 for 25 years at 7.5 percent interest. What is the current principal balance, assuming payments are made monthly?
A. $112,200
B. $131,534
C. $138,314
D. $140,362
E. $147,414
Answer
$131,534
78. You are borrowing $260,000 for 25 years at 5.5 percent. Payments will be made monthly. What is the total amount of interest you will pay if you pay the loan as agreed over the 25 years?
A. $314,786
B. $324,340
C. $346,360
D. $364,120
E. $396,342
Answer
$314,786
Total interest = ($1,596.63 × 25 × 12) - $260,000 = $314,785.89
79. Four years ago, you borrowed $250,000 for 20 years at 8 percent. Payments are made monthly. How much interest have you paid thus far?
A. $74,222
B. $75,756
C. $75,909
D. $76,456
E. $77,121
80. You just assumed a 30-year mortgage for $300,000 at 6 percent interest. How much of the first monthly payment will be applied to the principal balance?
A. $253.14
B. $267.35
C. $272.17
D. $281.16
E. $298.65
81. You recently assumed a 15-year mortgage for $150,000 at 6.5 percent interest. How much of the second monthly payment will be applied to the principal balance?
A. $453.02
B. $482.02
C. $685.00
D. $809.82
E. $938.18
82. You have a 25-year mortgage at 5 percent interest. The initial loan amount was $250,000. By how much did the principal decrease over the first 10 years of the loan? Payments are made monthly.
A. $61,345
B. $64,580
C. $65,189
D. $66,453
E. $68,618
83. You have a 30-year, $180,000 mortgage. The interest rate is 7.5 percent. What is the amount of the mortgage prepayment if you pay $1,400 as your first payment?
A. $128.50
B. $130.46
C. $132.65
D. $135.89
E. $141.41
84. You have a 25-year, $225,000 mortgage at 5.5 percent interest. What is the amount of your mortgage prepayment if you pay $1,650 as your second mortgage payment? Assume your first payment was the agreed upon amount.
A. $241.93
B. $248.25
C. $268.30
D. $276.37
E. $289.65
85. You have decided to pay $1,800 a month on your 30-year, $225,000 mortgage. The interest rate is 7.75 percent. What is your total prepayment amount for year two?
A. $2,208
B. $2,257
C. $3,387
D. $3,979
E. $4,002
86. You are currently borrowing $175,000 to buy a house. The mortgage is for 15 years at 6 percent. How much would you save each month if you could finance this amount at 5 percent for the same time period?
A. $84.37
B. $86.27
C. $88.95
D. $90.24
E. $92.86
87. You are assuming a 30-year mortgage for $230,000 at 7.75 percent interest. How much would you save in interest if you financed this loan at 7.25 percent for 20 years?
A. $159,603
B. $158,504
C. $156,902
D. $154,116
E. $152,686
88. The CPR for a seasoned 150 PSA mortgage is 9.8 percent. What is the single monthly mortality?
A. 0.8258 percent
B. 0.8558 percent
C. 0.8949 percent
D. 0.9013 percent
E. 0.9129 percent
89. The CPR for an unseasoned 100 PSA mortgage is 4.5 percent. What is the single monthly mortality?
A. 0.3557 percent
B. 0.3635 percent
C. 0.3752 percent
D. 0.3830 percent
E. 0.3986 percent
Essay Questions
90. What are the advantages and the disadvantages of a homeowner selecting a 30-year mortgage rather than a 20-year mortgage?
91. How do CMOs increase the availability of mortgage funds?
92. Explain what a reverse mortgage is, how it works, and who it is intended to help.
CLICK HERE TO GET THE ANSWER !!!!
No comments:
Post a Comment