Janelle's Home Loan Calculations

The video tutorial explains how to calculate the down payment, amount financed, monthly payment, and total cost of a home purchase. It begins with determining the down payment as a percentage of the home's price, then calculates the amount financed. The tutorial uses a TVM solver to find the monthly payment and concludes by calculating the total cost, including the down payment and monthly payments over 30 years.

What percentage of the home's price did Janelle pay as a down payment?

• 20%

• 10%

• 25%

• 16%

How much was the down payment Janelle made on the $420,000 home?

• $84,000

• $50,000

• $75,000

• $67,200

What is the amount financed after the down payment?

• $400,000

• $300,000

• $420,000

• $352,800

What is the annual interest rate Janelle is paying on her loan?

• 5%

• 6%

• 4%

• 3%

How many total payments will Janelle make over the life of the loan?

• 240

• 420

• 300

• 360

What is the future value of the loan after 30 years?

• $200,000

• $0

• $100,000

• $300,000

What is Janelle's monthly payment amount?

• $1,893.91

• $1,500.00

• $2,500.00

• $2,000.00

How much will Janelle spend in total on the home, including the down payment?

• $749,007.60

• $700,000

• $600,000

• $800,000

How many years is the loan term for Janelle's home?

• 15 years

• 20 years

• 25 years

• 30 years

What is the total number of months Janelle will make payments for?

• 420

• 360

• 300

• 240