28. Search for mortgage (home loan) and auto loan calculators on the Internet. Use them to determine the monthly payments and total interest for the life of the loans in each of the following scenarios: Joe Chin bought a house for $180,000. He made a 20 percent down payment. Joe secured a loan for the balance of the purchase price at 6.5 percent interest for 30 years.
Louisa Perez bought a house for $300,000. She made a 10 percent down payment. Louisa secured a loan for the balance of the purchase price at 5.95 percent interest for 30 years.
Mary Roberts bought a house for $255,000. She made a 5 percent down payment. Mary secured a loan for the balance of the purchase price at 6.75 percent interest for 15 years.
Nathan Reynolds bought a car for $15,000. He made a down payment of $3,000. Nathan secured a loan for the balance of the purchase price at 8 percent interest for four years.
Troy Parker also bought a car for $15,000 and made a $3,000 down payment. He secured a loan for the balance of the purchase price at 4 percent interest for four years.