Kyung Ja and Hideo Hakola have been granted a mortgage loan at an annual interest rate of 7.5 percent for 15 years by USA Mortgage. The home has a selling price of $105,000. They need a 10 percent down payment USA Mortgage will allow them to finance the closing costs as part of the mortgage. Use the table below to find the total closing costs. What is the actual amount financed with the mortgage?

	Closing Costs
Credit report	$65.00
Loan origination	2% of mortgage
Abstract of title	120.00
Attorney fee	250.00
Documentation stamp	0.3% of mortgage
Processing fee	1.10% of mortgage
Total Closing Costs	$3,194.96

Use the closing costs to calculate the (a) total closing costs and (b) total amount of the mortgage if the closing costs are financed. Christi Schrock purchases a home with a mortgage loan of $271,000.$

$$\begin{array}{c}\\ \text{Closing Cost}\\ \begin{array}{|l|c|} \hline \text { Application Fee } & \$ 252 \\ \hline \text { Borrower's Credit Check } & 65 \\ \hline \text { Points } & 2.00 \% \text { of Mortgage } \\ \hline \text { Appraisal Fee } & \$ 325 \\ \hline \text { Title Search } & 212 \\ \hline \text { Title Insurance } & 410 \\ \hline \text { Inspection } & 350 \\ \hline \text { Attorney Fee } & 450 \\ \hline \text { Documentation Stamp } & 0.30 \% \text { of Mortgage } \\ \hline \text { Processing Fee } & 1.10 \% \text { of Mortgage } \\ \hline \end{array} \end{array}$$

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Ellen and Tim Hinojosa reached an agreed-upon price of $140,000 for the purchase of a house. They made a 10% down payment and had two options for financing the remaining amount: at 5.5% for 25 years or at 6% for 20 years. Which mortgage results in a higher amount of interest paid and by how much?

Ellen and Clyde Perez reached an agreed-upon price of $124,000 for the purchase of a house. They made a down payment of$14,000 and could finance the remaining amount in one of two ways: at 5.5 percent for 25 years or at 6 percent for 20 years. Which mortgage results in a larger amount of interest paid? How much greater?

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged. Ivan and Vicki Egan have obtained a $160,000 mortgage loan at an annual interest rate of 7.5% for 20 years.

Salma and Coron Broomall have reached an agreed-upon selling price of $197,000. They plan to make a 30 percent down payment and finance the rest at 6 percent for 15 years. What is the monthly payment? What is the total amount to be paid?

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged. Abigail and Curtis Siebert: $270,000 mortgage at 7% for 20 years.

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged. Charles and Sandy Compton: $80,000 mortgage at 6.5% for 25 years.

Higgins applied for a $\$ 320,000$ mortgage loan at an annual interest rate of $6.00 \%$. The loan is for $25$ years and will be paid in equal monthly payments that include interest. (a) What is the monthly payment using the figure on the said page? (b) What is the monthly payment using the formula?

Ivan and Vicki Egan have obtained a $60,000 mortgage loan at an annual interest rate of 12% for 15 years. What is the monthly payment? What is the total amount to be paid?

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged.

$$\scriptstyle\begin{array}{|c|c|c|c|c|c|} \hline \begin{array}{c} \text { Mortgage } \\ \text { Amount } \end{array} & \text { Years } & \text { Rate } & \text { Monthly Payment } & \text { Total Amount Paid } & \text { Total Interest Charged } \\ \hline \$ 75,500 & 25 & 5.5 \% & \text { a. } \$ & \text { b. } \$ & \text { c. } \$ \\ \hline \end{array}$$

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged.

$$\scriptstyle\begin{array}{|c|c|c|c|c|c|} \hline \begin{array}{c} \text { Mortgage } \\ \text { Amount } \end{array} & \text { Years } & \text { Rate } & \text { Monthly Payment } & \text { Total Amount Paid } & \text { Total Interest Charged } \\ \hline \$ 123,900 & 25 & 6.5 \% & \text { a. } \$ & \text { b. } \$ & \text { c. } \$ \\ \hline \end{array}$$

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged.

$$\scriptstyle\begin{array}{|c|c|c|c|c|c|} \hline \begin{array}{c} \text { Mortgage } \\ \text { Amount } \end{array} & \text { Years } & \text { Rate } & \text { Monthly Payment } & \text { Total Amount Paid } & \text { Total Interest Charged } \\ \hline \$ 83,900 & 20 & 6.0 \% & \text { a. } \$ & \text { b. } \$ & \text { c. } \$ \\ \hline \end{array}$$

Rita and Alfred Johnson offered $185,000 for a home that had been priced at$190,000. The Johnsons and the seller agreed on a $186,500 selling price. What is the amount of the mortgage loan if they make a 20% down payment?