TREMAINE:
- What will Tremaine's monthly payment be?
- How much total interest will he...
Mathematics, 22.11.2021 16:10, baughkensley16
TREMAINE:
- What will Tremaine's monthly payment be?
- How much total interest will he pay over the course of the mortgage? (Hint: Click on "Amortization Schedule")
- If Tremaine waited until he had $30,000 saved for a down payment, what will his monthly payment be?
- How much total interest will he pay over the course of the mortgage?
- How much money did he save by paying an extra $15,000 upfront?
CARLIN:
- Rounded to the nearest $500, what's the most expensive house Carlin could buy?
- How much total interest will she pay over the course of the mortgage for this house?
- What month and year does Carlin pay off her house? If Carlin could add just $50 to each monthly payment, how much money would she save on interest?
- What month and year does Carlin pay off her house if she makes the higher monthly payment?
- What are some strategies Carlin could use to make sure she has an extra $50/month for her mortgage?
- If Carlin can afford $450 per month, she could have just bought a more expensive house. Do you think she should pay off an expensive house in 30 years? Or, should she pay off a cheaper house in less time with less interest? Explain why you feel that way.
BRYCE:
- How much, per month, is Bryce short on the mortgage payments for his dream home?
- How much would Bryce’s down payment need to be if he wanted to get his monthly payments down to $2,500 or slightly under?
- Using this strategy, how much total interest would he pay over the course of the loan?
- Unfortunately, Bryce doesn’t have enough money to allocate towards such a huge down payment, so he decides to put in his original $75,000 down payment. Besides, Bryce is worried his credit score is a bigger problem, so he asks the bank how improving his score would impact his loan application. They provide this chart: (Attached below)
- If Bryce could raise his credit score to 700 and keep the $75,000 down payment, could he afford his dream house?
- Using this strategy, how much total interest would he pay over the course of the loan?
- What do you think Bryce should do?
Answers: 1
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