Mathematics, 09.04.2021 20:50 dez2745

THOR buys a home that costs $300,000. He down pays 15%. He borrows the rest at an APR of 3% fixed for 30 years, and closes on July 20 (there are 31 days in July). Answer the following six questions. Please number each answer. 1) What is the prepaid interest for the rest of July?

2) What is the monthly mortgage payment?

3) What is the first payment breakdown (principal and interest)?

For example... P = $1000, I = $800.

4) What is the total amount paid over 30 years?

5) What is the total interest paid after 30 years?

6) What is the property tax on this house that is worth $300,000? The property tax rate is 1.3%.

Answers: 2

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