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What is the cost of points for this mortgage

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Reference no: EM132853274

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Q1. Jack will pay a monthly payment of $1,149.02 on a fixed rate mortgage over 25 years. What is the total principal and interest for the life of this mortgage rounded to the nearest dollar?

A. $28,725

B. $275,765

C. $344,706

D. $413,647

Q2. Jadynn obtains a 30-year 7/3 ARM at 6% with a 3/6 cap structure in the amount of $436,500. What is the monthly payment during the initial period?

A. $2,812.38

B. $1,212.50

C. $2,904.05

D. $2,617.04

Q3. Mark obtains a mortgage for $250,000 with the following terms:

15 year 5/1 ARM at 6.5% with a 3/7 cap structure

Initial monthly payment: $2,177.77

What will be the balance of the loan at the end of the initial interest rate period?

A. $177,711.51

B. $119,333.90

C. $234,027.44

D. $191,792.80

Q4. Marcia has a 25 year adjustable rate mortgage with a fixed rate for the first 6 years. In the 7th year, the interest rate rises to 5.4%. The remaining balance at the end of the 6th years is $178,562.50. What is the monthly payment in the 7th year?

A. $783.17

B. $1,085.89

C. $1,254.07

D. $1,294.25

Q5. Jessica is buying a house for $445,000. She obtains a mortgage in the amount of $326,000 at a 3.5% fixed rate. The bank offers a 3.25% interest rate if Jessica pays 2.75 points. What is the cost of points for this mortgage rounded to the nearest dollar?

A. $12,238

B. $8,965

C. $11,410

D. $10,595

Reference no: EM132853274

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