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question 158

Short Answer

Use the table to answer the questions.
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Effect of Down Payment on the Cost of a $\$ 120,000$ Home with Interest at $8 \%$
$\begin{array}{cccc}\text { Down Payment } & \text { Percent of House Price } & \begin{array}{c}\text { Monthly Payment } \\30 \text { Years }\end{array} & \begin{array}{c}\text { Total Payment } \\30 \text { Years }\end{array} \\\$ 0 & 0 \% & \$ 880.52 & \$ 316,987 \\\$ 6,000 & 5 \% & \$ 836.49 & \$ 301,136 \\\$ 12,000 & 10 \% & \$ 792.47 & \$ 285,289 \\\$ 24,000 & 20 \% & \$ 704.41 & \$ 253,588 \\\$ 30,000 & 25 \% & \$ 660.39 & \$ 237,740 \\\$ 36,000 & 30 \% & \$ 616.36 & \$ 221,890\end{array}$ If you are obtaining a $120,000 house with a 30-year 8% loan, what would you save in monthly payments by increasing your down payment from $12,000 to $36,000? Enter the answer to the nearest cent. $ __________ What would you save in the total payments? Enter the answer to the nearest integer. $ __________

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Definitions:

Dependent Variable

In research, a variable that is expected to change as a result of manipulation or changes in the independent variable.

Independent Variable

In research, the variable that is manipulated or changed to observe its effects on the dependent variable.

Concept

A general idea or understanding that is typically abstract in nature, used as a unit of thought in theories or discussions.

Educational Attainment

The total years of formal education.