Twa kɔ nsɛm atitiriw so
Log in
Sign up for FREE
arrow_back
Laabri

Loans Day 2 Practice

star
star
star
star
star
Last updated almost 2 years ago
12 Nsɛmmisa
1
1
1
1
1

Part 2: The following prompts will help you compare the money paid back on a loan depending on the length of a loan rather than one's credit score

1
1
1
1
1
1
1
Asemmisa {{asɛmmisaAhyɛnsode}}
1.

Cosmo and Wanda decide to buy a house.

Cosmo due to a fair credit score is offered an interest rate of 4.11%.

They plan to take out a $400,000, 30-year loan to buy a house in Milton.

How much money will Cosmos monthly payment be?

Asemmisa {{asɛmmisaAhyɛnsode}}
2.

How much money will Cosmo ultimetly pay back on his loan?

Asemmisa {{asɛmmisaAhyɛnsode}}
3.

Wanda due to an excellent credit score is offered an interest rate of 2.52%.

They plan to take out a $400,000, 30-year loan to buy a house in Milton.

How much money will Wandas monthly payment be?

Asemmisa {{asɛmmisaAhyɛnsode}}
4.

How much money will Wandas end up paying back on her loan?

Asemmisa {{asɛmmisaAhyɛnsode}}
5.

How much money will they save by having Wanda take out a loan rather than Cosmo?

Asemmisa {{asɛmmisaAhyɛnsode}}
6.

Cosmo and Wanda decide to buy a house.

Cosmo due to a fair credit score is offered an interest rate of 4.11%.

They plan to take out a $400,000, 15-year loan to buy a house in Milton.

How much money will Cosmos monthly payment be?

Asemmisa {{asɛmmisaAhyɛnsode}}
7.

How much money will Cosmo ultimetly pay back on his loan?

Asemmisa {{asɛmmisaAhyɛnsode}}
8.

How much will he save by taking a 15 year loan rather than a 30 year loan? (HINT use your answer from #2)

Asemmisa {{asɛmmisaAhyɛnsode}}
9.

Wanda due to an excellent credit score is offered an interest rate of 2.52%.

They plan to take out a $400,000, 15-year loan to buy a house in Milton.

How much money will Wandas monthly payment be?

Asemmisa {{asɛmmisaAhyɛnsode}}
10.

How much money will Wanda ultimetly pay back on this 15 year loan?

Asemmisa {{asɛmmisaAhyɛnsode}}
11.

How much will she save by taking a 15 year loan rather than a 30 year loan? (HINT use your answer from #4)

Asemmisa {{asɛmmisaAhyɛnsode}}
12.

Why might someone want to take out a 30 year loan rather than a 15 year loan? Use vocabulary such as monthly payment in your answer