Hassan M.

asked • 08/03/21# math urgent urgent please need help

For Questions #1-5 Use the following scenario:

**TREMAINE: **

**Wants a one bedroom townhouse in a trendy new development downtown; average cost is $145,000**- Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage
- Has saved $15,000 for a down payment

For Questions #6-10 Use the following scenario:

**CARLIN: **

**Has been renting a two-bedroom apartment with her husband and 3 kids; wants to move into a three-bedroom home instead**- Took her five years, but she has saved $20,000 for a down payment
- Homes in her small town are typically selling for $75,000 to $95,000
- Is preapproved for a 3.89% interest rate on a 30-year fixed mortgage
- Needs her monthly payment to be less than $400

**Question 1****10 pts**

What will Tremaine’s monthly payment be?

**Question 2****10 pts**

How much total interest will he pay over the course of the mortgage?

**Question 3****10 pts**

If Tremaine waited until he had $30,000 saved for a down payment, what his monthly payment be?

**Question 4****10 pts**

If Tremaine waited until he had $30,000 saved for a down payment, how much total interest will he pay over the course of the mortgage?

**Question 5****10 pts**

If Tremaine waited until he had $30,000 saved for a down payment, how much money did he save by paying an extra $15,000 upfront? (total cost of home)

**Question 6****10 pts**

Rounded to the nearest $500, what’s the most expensive house Carlin could buy?

**Question 7****10 pts**

At that price, how much total interest will she pay over the course of the mortgage for this house?

**Question 8****10 pts**

What month and year will Carlin pay off her house?

*Under the assumption the assignment is being completed in March of 2020*

**Question 9****10 pts**

If Carlin could add just $50 to each monthly payment, how much money would she save on interest?

**Question 10****10 pts**

What month and year does Carlin pay off her house if she makes the higher monthly payment?

*Assuming house is purchased in March 2020*

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