Question
In: Finance
Answer the following questions that are related to your purchase of your first home for $500,000....
Answer the following questions that are related to your purchase of your first home for $500,000.
You have just purchased the house and have put a 20% down payment, and will borrow the remaining amount. The 15-year fixed rate loan has an Annual Percentage Rate (APR) of 3.75%. You will make monthly payments for the life of the loan.
Q1: Your effective interest rate is closest to which of the following?
a. 3.815%
b. 3.687%
c. 3.880%
d. 3.750%
Q2. How much is your monthly payment?
a. More than $2,500
b. $1,000 to $1,500
c. $2,000 to $2,500
d. Less than $1,000
e. $1,500 to $2,000
Q3. Assume that you make payments for one year. How much have you reduced the “principal balance” – that is, the amount that you owe on the loan?
a. Less than $5,000
b. $10,000 to $15,000
c. More than $20,000
d. $15,000 to $20,000
e. $5,000 to $10,000
Q4. After one year, how much have you paid in interest?
a. $10,000 to $15,000
b. $5,000 to $10,000
c. $15,000 to $20,000
d. More than $20,000
e. Less than $5,000
Solutions
jeff jeffy answered 1 year agoRelated Solutions
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