Christina Sanders is concerned about the financing of a home. She saw a small Cape Cod-style house that sells for $90,000. If she
puts 10% down, what will her monthly payment be at (a) 30 years, 5%; (b) 30 years, 5%: (c) 30 years, 6%; and (d) 15 years, 31% ?
What is the total cost of interest over the cost of the loan for each assumption? (Use Table 15.1.)
Note: Round your answers to the nearest cent. Do not round intermediate calculations.
a. 30 years, 5%
b. 30 years, 5 1/2%
c. 30 years, 6%
d. 15 years, 3 7/8%
Monthly payment
Total cost of
interest