FIN 364 DeVry Week 7 Homework
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o<br />
o<br />
o<br />
o<br />
make home loans to low income individuals.<br />
purchase the conventional mortgages from thrift institutions.<br />
purchase the insured conventional mortgages from financial institutions.<br />
purchase the government insured mortgages from thrift institutions.<br />
Question 13. Question : (TCO 8) What is the monthly payment on a $200,000 conventional fixed-rate mortgage,<br />
9 percent, financed for 15 years?<br />
o $2,028<br />
o $1,500<br />
o $1,389<br />
o $2,067<br />
Question 14. Question : (TCO 8) For a $200,000 conventional fixed-rate mortgage, 7 percent, financed for 15<br />
years, what is the loan balance after 10 years if paid as agreed?<br />
o $92,721<br />
o $83,581<br />
o $85,492<br />
o $90,785<br />
Question 15. Question : (TCO 8) What is the monthly payment on a home costing $150,000, 30 percent down,<br />
25 years at 9 percent?<br />
o $636.09<br />
o $881.16<br />
o $763.31<br />
o $677.82