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38
76) What is the monthly mortgage payment on a $255,000, 25-year loan if the interest rate is
5.50 percent?
A) $1,034.07
B) $1,468.75
C) $1,565.92
D) $1,893.14
E) $2,622.47
39
77) You want to borrow $200,000 at 4.5 percent interest. If you assume a 10-year loan, the
monthly payment will be ________ as compared to ________ if you assume a 20-year loan.
A) $1,237.50; $1,103.88
B) $2,007.75; $1,237.50
C) $2,072.77; $1,265.30
D) $2,198.18; $1,303.88
E) $2,298.16; $1,433.50
40
78) You took out a 20-year, $125,000, 4.5 percent loan 8 years ago. What is your current
principal balance, assuming payments are made monthly?
A) $58,588
B) $65,130
C) $74,988
D) $87,867
E) $88,889
79) Ten years ago, you borrowed $165,000 for 25 years at 7.5 percent interest. What is the
current principal balance, assuming payments are made monthly?
A) $112,200
B) $131,534
C) $138,314
D) $140,362
E) $147,414
42
80) You are borrowing $300,000 for 20 years at 4 percent. Payments will be made monthly.
What is the total amount of interest you will pay if you pay the loan as agreed over the 20 years?
A) $114,786
B) $124,340
C) $136,306
D) $164,120
E) $196,342
81) Four years ago, you borrowed $250,000 for 20 years at 8 percent. Payments are made
monthly. How much interest have you paid thus far?
A) $74,222
B) $75,756
C) $75,909
D) $76,456
E) $77,121
44
82) You just assumed a 30-year mortgage for $300,000 at 6 percent interest. How much of the
first monthly payment will be applied to the principal balance?
A) $253.14
B) $267.35
C) $272.17
D) $281.16
E) $298.65
45
83) You recently assumed a 15-year mortgage for $250,000 at 3.5 percent interest. How much of
the second monthly payment will be applied to the principal balance?
A) $563.02
B) $682.02
C) $726.08
D) $810.52
E) $934.18
46
84) You have a 25-year mortgage at 5 percent interest. The initial loan amount was $250,000. By
how much did the principal decrease over the first 10 years of the loan? Payments are made
monthly.
A) $61,345
B) $64,580
C) $65,189
D) $66,453
E) $68,618
47
85) You have a 30-year, $180,000 mortgage. The interest rate is 7.5 percent. What is the amount
of the mortgage prepayment if you pay $1,400 as your first payment?
A) $128.50
B) $130.46
C) $132.65
D) $135.89
E) $141.41
48
86) You have a 20-year, $225,000 mortgage at 4 percent interest. What is the amount of your
mortgage prepayment if you pay $1,700 as your second mortgage payment? Assume your first
payment was the agreed upon amount.
A) $201.93
B) $218.25
C) $228.30
D) $236.54
E) $249.65
87) You have decided to pay $1,800 a month on your 30-year, $225,000 mortgage. The interest
rate is 7.75 percent. What is your total prepayment amount for year two?
A) $2,208
B) $2,257
C) $3,387
D) $3,979
E) $4,002
50
88) You are currently borrowing $175,000 to buy a house. The mortgage is for 15 years at 6
percent. How much would you save each month if you could finance this amount at 5 percent for
the same time period?
A) $84.37
B) $86.27
C) $88.95
D) $90.24
E) $92.86
51
89) You are assuming a 30-year mortgage for $280,000 at 4.5 percent interest. How much would
you save in interest if you financed this loan at 4 percent for 20 years?
A) $101,603
B) $102,504
C) $103,520
D) $104,116
E) $105,686
52
90) The CPR for a seasoned 150 PSA mortgage is 0.9 percent. What is the single monthly
mortality?
A) 0.7885 percent
B) 0.8158 percent
C) 0.8349 percent
D) 0.8650 percent
E) 0.8829 percent
91) You are borrowing $275,000 for 20 years at 4.9 percent. Payments will be made monthly.
What is the total amount of interest you will pay if you pay the loan as agreed over the 20 years?
A) $114,786
B) $124,340
C) $136,306
D) $156,933
E) $176,342
53
92) You have a 25-year, $300,000 mortgage at 3.5 percent interest. What is the amount of your
mortgage prepayment if you pay $1,725 as your second mortgage payment? Assume your first
payment was the agreed upon amount.
A) $204.93
B) $212.25
C) $223.13
D) $231.54
E) $246.65
