# Quiz 14: Mortgages

Step 1. First find the number of financed Step 2. Using table locate the table factor, monthly payment per financed. The entry in the above table at for 25-years is . Step 3. Now, calculate the monthly payment Step 4. Next, find the total interest of the loan [Since the number of payment in 25-years is ] Therefore,

Real estate is defined as "land, including the air above and the earth below, plus any permanent improvements to the land, such as homes, apartment buildings, factories, hotels, shopping centers, or any other 'real' property". Land, including permanent improvements on the land, is known as Real estate.

Step 1. First find the number of financed Step 2. Using table locate the table factor, monthly payment per financed. The entry in the above table at for 20-years is . Step 3. Now, calculate the monthly payment Step 4. Next, find the total interest of the loan [Since the number of payment in 20-years is ] Therefore,