Lower mortgage rates translate into lower monthly payments

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Reference no: EM131595840

1) You are going to buy a home for $350,000. You will fince 80% of the $350,000 with a thirty year fixed rate mortgage. If the annual interest rate on the mortgage is 4%, The first interest payment will be $943.27

Is this true or false?

2) You are going to buy a home for $350,000. You will fince 80% of the $350,000 with a thirty year fixed rate mortgage. If the annual interest rate on the mortgage is 4%, The principal payment in month 13 will be $421.72

Is this true or false?

3) You are going to buy a home for $350,000. You will fince 80% of the $350,000 with a thirty year fixed rate mortgage. If the annual interest rate on the mortgage is 4%,

The principal payment in month 23 will be $434.07.

Is this true or false?

4) Lower mortgage rates translate into lower monthly payments for mortgagors. This enables peole to save more of their income or use income for services and products other than housing.

Is this true or false?

Reference no: EM131595840

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