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You've decided to buy a new house for $650,000

Finance

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You've decided to buy a new house for $650,000. You will put a downpayment of 20% of the purchase price of the house. The bank will loan you the rest at an interest rate of 3.75% [APR] for a 15-year loan. How much will be your monthly payment?

 

 

Select one:

a. More than $5,500

b. Less than $1,500 per month

c. $2,000 to $2,500

d. $2,500 to $3,000

e. $4,000 to $4,500

f. $5,000 to $5,500

g. $3,500 to $4,000

h. $3,000 to $3,500

i. $1,500 to $2,000

j. $4,500 to $5,000

 

Q13: After one year, how much have you paid in interest?

Select one:

a. $35,000 to $40,000

b. $5,000 to $10,000

c. $10,000 to $15,000

d. $30,000 to $35,000

e. More than $50,000

f. $15,000 to $20,000

g. $25,000 to $30,000

h. $20,000 to $25,000

i. $40,000 to $50,000

j. 0 to $5,000

 

Q14: After one year, how much have you paid in principal?

Select one:

a. $20,000 to $25,000

b. $35,000 to $40,000

c. $25,000 to $30,000

d. $30,000 to $35,000

e. $40,000 to $50,000

f. More than $50,000

g. 0 to $5,000

h. $15,000 to $20,000

i. $10,000 to $15,000

j. $5,000 to $10,000