Assignment Question
Answer these questions, show your work and reasoning: You are looking to buy a $525,000.00 home in Haverhill. If Bank of America will give them a 30-year mortgage at 6.25% annual interest rate for the cost of the house after they receive a 20% down payment.
A. Determine the loan amount? -7.5-pts
B. How much their monthly payment will be? -7.5-pts
C. At the end of the 30-years, how much total money will you have paid to Bank of America for your home? In another word how much did the $525,000.00 house really cost the couple? -7.5-pts
D. How much interest will they have paid? -7.5-pts
E. How many of her monthly payment go toward the interest? -7.5-pts
F. What percent increase over the cost of the home does this interest represent? -7.5-pts
G. Redo and re-answer all questions, but this time for 15 years? -45-pts Do analysis comparison between 30 and 15 years mortgage (at least one page not double spacing). -10-pts
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