ninjachick1
New member
- Dec 3, 2008
- 2
- 0
- 1
Consumer Math Help: Interest and Closing Costs?
1. Ruby Taylor & her husband decide to purchase a condo. They found a suitable property for $165000. The mortgage company requires 10% down for a 30 year loan at 6%. At the end of 30 years. what will be the total interest charged?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2. Erin agreed to purchase a house for $97900. Hoover Mortgage is lending her money at 8% for 30 years as long as she makes a down payment of $8000. The total closing costs are 3% of the amount of the mortgage loan. What is the total of the closing costs?
I got $2697 is that correct?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~…
3. Mike obtained a 30 year, $90000 mortgage with an interest rate of 8%. For his first payment, what is the amount of interest?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~…
4. Sue obtained a mortgage loan for $189600 at 7% for 25 years. Her monthly payment is $1340.47. How much of the first payment is for principal?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~…
I really need help with these questions. Please do not just give an answer, explain how its done because I don"t get it. 10 POINTS to correct answer with "how-to"
1. Ruby Taylor & her husband decide to purchase a condo. They found a suitable property for $165000. The mortgage company requires 10% down for a 30 year loan at 6%. At the end of 30 years. what will be the total interest charged?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2. Erin agreed to purchase a house for $97900. Hoover Mortgage is lending her money at 8% for 30 years as long as she makes a down payment of $8000. The total closing costs are 3% of the amount of the mortgage loan. What is the total of the closing costs?
I got $2697 is that correct?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~…
3. Mike obtained a 30 year, $90000 mortgage with an interest rate of 8%. For his first payment, what is the amount of interest?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~…
4. Sue obtained a mortgage loan for $189600 at 7% for 25 years. Her monthly payment is $1340.47. How much of the first payment is for principal?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~…
I really need help with these questions. Please do not just give an answer, explain how its done because I don"t get it. 10 POINTS to correct answer with "how-to"