Given the information below, answer the following THREE (3) questions:
Suppose you borrow $919,000 to purchase a house. The loan term is 30 years, the loan rate is 5.64% APR, and there are monthly payments. You paid 1.25 points to obtain the loan rate, and an additional 16,889 in origination fees at closing, as well.
Flag question: Question 4
Question 45 pts
a) Find the monthly payment on the loan. Express your answer in dollars and cents. Round appropriately.
Flag question: Question 5
Question 510 pts
b) You want to pay an extra 20% per mortgage payment on the loan, to "pay it off faster". However, you cannot start this prepayment until month 6 of the loan. Given this delay, how long in total will it take to pay off the loan? Express your answer in months, and round to TWO decimal places.
Flag question: Question 6
Question 610 pts
c) How much in interest expense will this delay cost you, compared to if you had started prepaying immediately? Your answer should be in dollars and cents. Round appropriately.