Mortgage Payments - Version 2

What does the formula above give you?

• Monthly Payment

• Number of Payments

• Preapproval Amount

• Interest Rate

What is the typical length for a mortgage loan?

• 15 - 30 months

• 15 - 30 years

• 10 years

• 3 - 5 years

You have been approved for a 20-year fixed-rate loan at 8.5%. The home you are purchasing costs $150,000. You are going to put 15% down. What is the amount of your down payment?

• $225,000

• $22,500

• $2,250

• $127,500

You have been approved for a 20-year fixed-rate loan at 8.5%. The home you are purchasing costs $150,000. You are going to put 15% down. What is the amount to be financed?

• $22,500

• $150,000

• $127,500

• $172,500

You have been approved for a 20-year fixed-rate loan at 8.5%. The home you are purchasing costs $150,000. You are going to put 15% down. Approximately, what is your monthly payment?

• $903

• $1,065

• $1,106

• $1,118

You have been approved for a 20-year fixed-rate loan at 8.5%. The home you are purchasing costs $150,000. 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

• 180

• 20

You have been approved for a 20-year fixed-rate loan at 8.5%. The home you are purchasing costs $150,000. You are going to put 15% down. Approximately, what is the total INTEREST you will be paying on this mortgage?

• $137,940

• $26,540

• $115,440

• $265,440