Log in
Sign up for FREE
arrow_back
Library
Loans Day 2 Practice
By Michelle Laskowski
star
star
star
star
star
Share
share
Last updated over 1 year ago
12 questions
Add this activity
1
1
1
1
1
1
1
1
1
1
1
1
Question 1
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?
visibility
View drawing
Question 2
2.
How much money will Cosmo ultimetly pay back on his loan?
visibility
View drawing
Question 3
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?
visibility
View drawing
Question 4
4.
How much money will Wandas end up paying back on her loan?
visibility
View drawing
Question 5
5.
How much money will they save by having Wanda take out a loan rather than Cosmo?
visibility
View drawing
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
Question 6
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?
visibility
View drawing
Question 7
7.
How much money will Cosmo ultimetly pay back on his loan?
visibility
View drawing
Question 8
8.
How much will he save by taking a 15 year loan rather than a 30 year loan? (HINT use your answer from #2)
visibility
View drawing
Question 9
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?
visibility
View drawing
Question 10
10.
How much money will Wanda ultimetly pay back on this 15 year loan?
visibility
View drawing
Question 11
11.
How much will she save by taking a 15 year loan rather than a 30 year loan? (HINT use your answer from #4)
visibility
View drawing
Question 12
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