Question by DK: Personal finance mortage question, please help! I don’t understand how to come to an answer.?
My personal finance teacher is a bad teacher. He gave us a bunch of questions and told us to figure them out because they’ll be on our classes’ midyear. Can anyone help me out? This is the question that I had the most trouble with:
Mortgage payment: Your new house costs $ 410,000. Your down payment is $ 112,000. The interest you pay on the mortgage is 7.4% for a 25 year mortgage.
What will the monthly payment be? ANS: ________
How much interest will you pay over the life of the loan? ANS: ________
If you increased your monthly payment by $ 100 how much interest will you save? ANS: ________
How long until the mortgage is paid off? ANS: ________
If you had negotiated a 30 year loan for the same mortgage what would be the interest over the life of the loan with no prepayments made? ANS: ________
No, he’s not a bad teacher because he wants us to do some work and thinking. He’s a bad teacher because he doesn’t come to class and teach us. He talks about his farm and his kids and about nothing relevant to personal finance, and then he gives us homework that nobody understands. He’s just like you actually, he makes smartass remarks and doesn’t answer questions. For example, the biggest grade for the whole year is a project. The project is to make blueprints for a house and build a downscale model house. What does that have to do with why I signed up for this class?
Best answer:
Answer by wizjp
google amoritazition schedule and you will find a calculator you can plug your numbers into
Give your answer to this question below!
All of these answers can be worked out using a financial calculator. Each calculator comes with an instruction booklet on how to figure out amortization schedules and mortgage scenarios. Hope this helps.
DK, you were given at least one of the answers already. I don’t think the fault lies with the teacher. I think you’re being lazy and looking for someone to do your homework for you.
your teacher is fine. any monkey can figure those questions out. cmon!