for a conventional 30-year first loan for the purchase of a

single-family home was 6.3 percent, according to the U related questions

- 1Mortgage Rates In 2001, the mean contract interest ratefor a conventional 30-year first loan for the purchase of asingle-family home was 6.3 percent, according to the U
Mortgage Rates In 2001, the mean contract interest ratefor a conventional 30-year first loan for the purchase of asingle-family home was 6.3 percent, according to the U.S.Federal Housing Board.A real estate agent believes thatinterest rates are lower today and obtains a random sampleof 41 recent 30-year conventional loans. The meaninterest rate was found to be 6.05 percent, with a standarddeviation of 1.75 percent. Is this enough evidence toconclude that interest rates are lower at the levelof significance?

- 2A couple obtained a $72,500 mortgage loan at 12% interest to purchase a new home
A couple obtained a $72,500 mortgage loan at 12% interest to purchase a new home. Their first monthly payment is $836.85. What portion of that payment is interest?

- 3Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 20% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?

- 4Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 20% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments

- 5Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 30% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?Steps or examples please

- 6Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance $1,000 is $6.00. What is the total amount of interest paid on the 30 year loan?I need help.Steps please.

- 7Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 20% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments

- 8Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 20% down. Assume that the monthly cost to finance $1,000 is $6.00. What is the total amount of interest paid on the 30 year loan?

- 9Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 20% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?

- 10Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 40% down. Assume that the monthly cost to finance $1,000 is $6.00. What is the total amount of interest paid on the 30 year loan?

- 11Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest
Suppose that you want to purchase a home for $450,000 with a 30 year mortgage at 6% interest. Suppose that you can put 30% down. Assume that the monthly cost to finance $1,000 is $6.00. What are the monthly payments?

- 12the monthly payment that amortizes a loan of A dollars in t yr when the interest rate is r per year, compounded monthly, is given byP=f(A,r,t) = Ar/ 12[1-(1+ r/12)^-12t ]Find the monthly payment for a home mortgage of 300,000 that will be amortiz
the monthly payment that amortizes a loan of A dollars in t yr when the interest rate is r per year, compounded monthly, is given byP=f(A,r,t) = Ar/ 12[1-(1+ r/12)^-12t ]Find the monthly payment for a home mortgage of 300,000 that will be amortized over 30 yr with an interest rate of 6%/year? And interest rate of 8%/year?