Question Description

  1. What is the purpose of requiring that a borrower make a down payment before receiving a loan?
  2. Interpret what is meant when a lender quotes the terms on a loan as “floating with the T-bill plus 3 with caps of 1 and 5.”
  3. Refer to problem 4. What is the total amount of inter- est paid over the life of the loan?

2.What kind of insurance do lenders usually require of borrowers who have less than an 80% loan-to- value ratio?

4.Compute the required monthly payment on a $150,000 30-year fixed-rate mortgage with a nominal interest rate of 8%. What is the balance due at the end of the first year?

6.A mortgage on a house worth $350,000 requires what down payment to avoid PMI insurance?

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