A House Sells For $\$ 95,000$ And A $30 \%$ Down Payment Is Made

question 76

Multiple Choice

A house sells for $\$ 95,000$ and a $30 \%$ down payment is made. A 30-year mortgage at $6.5 \%$ was obtained. Find the monthly payment and the total interest paid.
Monthly Payment per $\$ 1000$ of Mortgage
(Includes Principle and Interest)

$\quad$ $\quad$ $\quad$ $\quad$$\text { Number of years }$
$\begin{array}{c|c|c}\text { Rate }(\%) & 15 & 30 \\\hline 6.5 & \$ 8.71 & \$ 6.32 \\7 & \$ 8.99 & \$ 6.65 \\7.5 & \$ 9.28 & \$ 6.99 \\8 & \$ 9.56 & \$ 7.34\end{array}$

• A) Monthly payment = $429.39; total interest paid = $88,080.40
• B) Monthly payment = $412.13; total interest paid = $81,866.80
• C) Monthly payment = $520.27; total interest paid = $120,797.20
• D) Monthly payment = $420.28; total interest paid = $84,800.80

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