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Mathematics, 03.08.2021 18:00 kat2177
The individuals in the following scenarios are currently independent adults, looking to buy a home. Each of them, fortunately, took a personal finance class in high school and learned the value of doing some preliminary work on a mortgage calculator before determining their price range. Use the Bankrate. com Mortgage Calculator (Links to an external site.) for this activity. *Hint: Push “Show Amortization Schedule” on the calculator screen to see more details about each loan.
For Questions #1-5 Use the following scenario:
TREMAINE:
Wants a one bedroom townhouse in a trendy new development downtown; average cost is $145,000
Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage
Has saved $15,000 for a down payment
For Questions #6-10 Use the following scenario:
CARLIN:
Has been renting a two-bedroom apartment with her husband and 3 kids; wants to move into a three-bedroom home instead
Took her five years, but she has saved $20,000 for a down payment
Homes in her small town are typically selling for $75,000 to $95,000
Is preapproved for a 3.89% interest rate on a 30-year fixed mortgage
Needs her monthly payment to be less than $400
Flag question: Question 1
Question 110 pts
What will Tremaine’s monthly payment be?
Flag question: Question 2
Question 210 pts
How much total interest will he pay over the course of the mortgage?
Flag question: Question 3
Question 310 pts
If Tremaine waited until he had $30,000 saved for a down payment, what his monthly payment be?
Flag question: Question 4
Question 410 pts
If Tremaine waited until he had $30,000 saved for a down payment, how much total interest will he pay over the course of the mortgage?
Flag question: Question 5
Question 510 pts
If Tremaine waited until he had $30,000 saved for a down payment, how much money did he save by paying an extra $15,000 upfront? (total cost of home)
Flag question: Question 6
Question 610 pts
Rounded to the nearest $500, what’s the most expensive house Carlin could buy?
Flag question: Question 7
Question 710 pts
At that price, how much total interest will she pay over the course of the mortgage for this house?
Flag question: Question 8
Question 810 pts
What month
and year
will Carlin pay off her house?
*Under the assumption the assignment is being completed in March of 2020*
Flag question: Question 9
Question 910 pts
If Carlin could add just $50 to each monthly payment, how much money would she save on interest?
Flag question: Question 10
Question 1010 pts
What month
and year
does Carlin pay off her house if she makes the higher monthly payment?
*Assuming house is purchased in March 20
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Answers: 2
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