Mortgage Calculations and Concepts

This video tutorial explains how to calculate the monthly loan payment for a mortgage. It covers determining the down payment and loan amount, calculating the monthly mortgage payment using a formula and a TI84 calculator, and finding the total interest paid over the life of a 30-year loan. The tutorial also highlights the importance of understanding these calculations for financial planning.

What is the required down payment percentage for the mortgage?

• 10%

• 5%

• 15%

• 20%

How much is the down payment for a home priced at $155,000?

• $16,500

• $14,500

• $13,500

• $15,500

What is the loan amount after the down payment is made on a $155,000 home?

• $140,500

• $139,500

• $141,500

• $142,500

What is the monthly mortgage payment calculated using the formula?

• $812.07

• $782.07

• $802.07

• $792.07

Which tool is used to verify the monthly mortgage payment calculation?

• TI84 Graphing Calculator

• Financial Calculator

• Spreadsheet Software

• Online Calculator

What is the interest rate used in the mortgage calculation?

• 4.5%

• 5.0%

• 6.0%

• 5.5%

How many payments are made over the life of a 30-year mortgage?

• 240

• 360

• 420

• 300

What is the total amount paid over the life of the loan?

• $290,145.20

• $285,145.20

• $280,145.20

• $275,145.20

How much interest is paid over the 30 years?

• $145,645.20

• $140,645.20

• $150,645.20

• $135,645.20

Is the total interest paid more or less than the original loan amount?

• Equal

• Cannot be determined

• Less

• More