#1 you bought a house for $125,000. You put down 20% cash and had to ta a loan out to pay for the rest. How much of a loan are you taking out? If your interest rate on the loan is 6% and you get a 20 year loan how much interest will you pay back? How much will you have paid back all together and what will your monthly payments be?

#2You bought a house for $210,000. You put down 30% cash and had to take a loan out to pay for the rest. How much of a loan are you taking out? If your interest rate on the loan is 5% and you get a 30 year loan how much interest will you pay back? How much will you have paid back all together and what will your monthly payments be?

#3 You bought a house for $85,000. You put down 25% cash and had to take a loan out to pay for the rest. How much of a loan are you taking out? If your interest rate on the loan is 7% and you get a 15 year loan how much interest will you pay back? How much will you have paid back all together and what will your monthly payments be?

#4You bought a house for $135,000. You put down 40% cash and had to take a loan out to pay for the rest. How much of a loan are you taking out? If your interest rate on the loan is 6.5% and you get a 30 year loan how much interest will you pay back? How much will you have paid back all together and what will your monthly payments be?

Explanation:

#1

Original price of the house = $125,000

Balance after the 20% down payment = $125,000 -(0.20*125,000) = $100,000

Loan amount borrowed = $100,000

Use the loan amount as the present value to solve for monthly payments. On a financial calculator, input the following;

PV = -100,000

Monthly interest rate ; I = 6%/12 = 0.5%

Duration of loan(in months) ; N = 20*12 = 240

Future value ; FV = 0

then compute monthly payment ; CPT PMT = $716.43

Total amount paid back altogether = 716.43*240 = $171,943.20

Total interest paid back = $171,943.20 - $100,000 = $71,943.20

#2

Total price of the house = $210,000

Balance after the 30% down payment = $210,000 -(0.30*210,000) = $147,000

Loan amount borrowed = $147,000

Use the loan amount as the present value to solve for monthly payments. On a financial calculator, input the following;

PV = -147,000

Monthly interest rate ; I = 5%/12 = 0.4167%

Duration of loan(in months) ; N = 30*12 = 360

Future value ; FV = 0

then compute monthly payment ; CPT PMT = 789.16

Total amount paid back altogether = 789.16*360 = $284,097.60

Total interest paid back = $284,097.60 - $147,000 = $137,097.60

#3

Original price of the house = $85,000

Balance after the 25% down payment = $85,000 -(0.25*85,000) = $63,750

Loan amount borrowed = $63,750

Use the loan amount as the present value to solve for monthly payments. On a financial calculator, input the following;

PV = -63,750

Monthly interest rate ; I = 6.5%/12 = 0.5417%

Duration of loan(in months) ; N = 15*12 = 180

Future value ; FV = 0

then compute monthly payment ; CPT PMT = $555.35

Total amount paid back altogether = 555.35*180 = $99,963

Total interest paid back = $99,963 - $63,750 = $36,213

#4

Original price of the house = $135,000

Balance after the 40% down payment = $135,000 -(0.40*135,000) = $81,000

Loan amount borrowed = $81,000

Use the loan amount as the present value to solve for monthly payments. On a financial calculator, input the following;

PV = -81,000

Monthly interest rate ; I = 6.5%/12 = 0.5417%

Duration of loan(in months) ; N = 30*12 = 360

Future value ; FV = 0

then compute monthly payment ; CPT PMT = $512

Total amount paid back altogether = 512*360 = $184,320

Total interest paid back = $184,320 - $81,000 = $103,320

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