Reference no: EM132956903
Questions -
Q1. Molly is buying a house for $202,000. She is financing $185,500 and obtained a 30-year, fixed-rate mortgage with a 5.125% interest rate. How much are her monthly payments?
A.$1,010.02
B.$1,099.86
C.$12,239.53
D.$13,328.22
Q2. Mariah is buying a house for $416,000. She is financing $375,500 and obtained a 20-year, fixed-rate mortgage with a 4.325% interest rate. How much are her monthly payments?
A.$31,497.37
B.$28,430.92
C.$2,340.27
D.$2,592.69
Q3. Chevy and Judith are purchasing a townhouse and finance $154,200 with a 30-year 5/3 ARM at 6.45% with a 4/13 cap structure. What will their payments be at the beginning of the sixth year assuming they are charged the maximum interest rate for that year?
A.$907.11
B.$1,356.97
C.$969.58
D.$1,314.26
Q4. Chris and Justine are purchasing a townhouse and finance $112,900 with a 25-year 6/3 ARM at 4.85% with a 2/12 cap structure. What will their payments be at the beginning of the seventh year assuming they are charged the maximum interest rate for that year?
A.$759.70
B.$557.09
C.$674.48
D.$650.17
Q5. Kayla is financing $168,125 to purchase a house. She obtained a 25/8 balloon mortgage at 3.85%. What will her balloon payment be?
A.$130,626.56
B.$131,045.66
C.$135,655.10
D.$140,657.11
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