Mortgage Payments - Version 1

What does the formula above give you?

• Preapproval Amount

• Monthly Payment

• Interest Rate

• Number of Payments

What is the typical length for a mortgage loan?

• 15 - 30 months

• 36 - 60 months

• 3 - 5 years

• 15 - 30 years

You have been approved for a 20-year fixed-rate mortgage at 7.5%. The home you are purchasing costs $160,000. You are going to put 15% down. What is the amount of your down payment?

• $240,000

• $136,000

• $24,000

• $2,400

You have been approved for a 20-year fixed-rate loan at 7.5%. The home you are purchasing costs $160,000. You are going to put 15% down. What is the amount to be financed?

• $184,000

• $160,000

• $148,000

• $136,000

You have been approved for a 20-year fixed-rate loan at 7.5%. The home you are purchasing costs $160,000. You are going to put 15% down. Approximately what is your monthly payment?

• $1,193

• $867

• $737

• $1,096

You have been approved for a 20-year fixed-rate loan at 7.5%. The home you are purchasing costs $160,000. You are going to put 15% down. Assuming you make no extra payments, how many months will you be paying on this house?

• 20

• 180

• 240

• 360

You have been approved for a 20-year fixed-rate loan at 7.5%. The home you are purchasing costs $160,000. You are going to put 15% down. Approximately, what is the total INTEREST you will be paying on this mortgage?

• $26,304

• $103,040

• $127,040

• $263,040