Alice Roa is concerned about the financing of a home. She saw a home selling for $120,000. If she puts 10% down, find her monthly payment and total cost of interest over the cost of the loan given each assumption:
A. 30 years 8%
B. 30 years 9%
C. 30 years 10%
D. 30 years 11%

Question

Quizplus · Accepted Answer

A. $120,000 × .90 = $108,000; $108,000 / $1,000 = 108; $108 × $7.34 = $792.72 × 30 × 12 = $285,379.20 - $108,000 = $177,379.20; B. 108 × $8.05 = $869.40 × 360 = $312,984 - $108,000 = $204,984; C. 108 × $8.78 = $948.24 × 360 = $341,366.40 - $108,000 = $233,366.40; D. 108 × $9.53 = $1,029.24 × 360 = $370,526.40 - $108,000 = $262,526.40.

Alice Roa Is Concerned About the Financing of a Home