Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
Julie and Rex Parker plan to buy a $310,000 home, paying 20% downpayment and financing the balance at 4% for 30 years. The taxes are $6000 per year, with annual insurance costing $650 per year. Find the monthly payment (including taxes and insurance). Use the real estate amortization table to find the monthly payment.
Transcribed Image Text:Loan Payoff Table
Number of Months
АPR
18
24
30
36
42
48
54
60
АPR
8%
.05914
.04523
.03688
.03134
.02738
.02441
.02211
.02028
8%
9%
.05960
.04568
.03735
.03180
.02785
.02489
.02259
.02076
9%
10%
.06006
.04615
.03781
.03227
.02832
.02536
.02307
.02125
10%
11%
.06052
.04661
.03828
.03274
.02879
.02585
.02356
.02174
11%
12%
.06098
.04707
.03875
.03321
.02928
.02633
.02406
.02225
12%
13%
.06145
.04754
.03922
.03369
.02976
.02683
.02456 .02275
13%
14%
.06192
.04801
.03970
.03418
.03025
.02733
.02507
.02327
14%
15%
.06238
.04849
.04018
.03467
.03075
.02783
.02558
.02379
15%
16%
.06286
.04896
.04066
.03516
.03125
.02834
.02610
.02432
16%
17%
.06333
.04944
.04115
.03565
.03176
.02885
.02662
.02485
17%
18%
.06381
.04993
.04164
.03615
.03226
.02937
.02715
.02539
18%
19%
.06428
.05041
.04213
.03666
.03278
.02990
.02769
.02594
19%
20%
.06476
.05090
.04263
.03716
.03330
.03043
.02823
.02649
20%
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