Mortgage Payments - Version 3

What does the formula above give you?

• Interest Rate

• Number of Payments

• Preapproval Amount

• Monthly Payment

What is the typical length for a mortgage loan?

• 15 - 30 years

• 3 - 5 years

• 36 - 60 months

• 15 - 30 months

You have been approved for a 20-year fixed-rate loan at 6.5%. The home you are purchasing costs $180,000. You are going to put 15% down. What is the amount of your down payment?

• $153,000

• $270,000

• $2,700

• $27,000

You have been approved for a 20-year fixed-rate loan at 6.5%. The home you are purchasing costs $180,000. You are going to put 15% down. What is the amount to be financed?

• $153,000

• $166,500

• $180,000

• $270,000

You have been approved for a 20-year fixed-rate loan at 6.5%. The home you are purchasing costs $180,000. You are going to put 15% down. Approximately, what is your monthly payment?

• $1,342

• $1,141

• $975

• $829

You have been approved for a 20-year fixed-rate loan at 6.5%. The home you are purchasing costs $180,000. You are going to put 15% down. Assuming you make no extra payments, how many months will you be paying on this house?

• 360

• 240

• 200

• 180

You have been approved for a 20-year fixed-rate loan at 6.5%. The home you are purchasing costs $180,000. You are going to put 15% down. Approximately, what is the total INTEREST you will be paying on this mortgage?

• $27,384

• $93,840

• $273,840

• $120,840