Hassan M.

asked • 08/03/21

math urgent urgent please need help


For Questions #1-5 Use the following scenario:

TREMAINE: 

 

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

 

For Questions #6-10 Use the following scenario:

CARLIN: 

 

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

 

 

 

Flag question: Question 1

Question 110 pts

What will Tremaine’s monthly payment be?


 

Flag question: Question 2

Question 210 pts

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


 

Flag question: Question 3

Question 310 pts

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


 

Flag question: Question 4

Question 410 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?


 

Flag question: Question 5

Question 510 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)


 

Flag question: Question 6

Question 610 pts

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


 

Flag question: Question 7

Question 710 pts

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


 

Flag question: Question 8

Question 810 pts

What month  and year  will Carlin pay off her house?

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

 

Flag question: Question 9

Question 910 pts

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


 

Flag question: Question 10

Question 1010 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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