As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) (table is attached) Amount Financed = 220,000 Interest Rate = 3.50% Term of Loan (years) = 25 Annual Property Tax = 6,513 Annual Insurance = 2,186 Solve for the following: Monthly PI and Monthly PITI
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) (table is attached) Amount Financed = 220,000 Interest Rate = 3.50% Term of Loan (years) = 25 Annual Property Tax = 6,513 Annual Insurance = 2,186 Solve for the following: Monthly PI and Monthly PITI
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...
Related questions
Question
100%
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)
(table is attached)
Amount Financed = 220,000
Interest Rate = 3.50%
Term of Loan (years) = 25
Annual Property Tax = 6,513
Annual Insurance = 2,186
Solve for the following:
Monthly PI
and
Monthly PITI
Transcribed Image Text:Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed
Monthly Payments
(Necessary to amortize a loan of $1,000)
Interest
Rate (%) Years
3.50
5
10
15
20
25
30
35
40
Years
3.87
4.03
4.18
4.34
4.50
4.66
Years
Years
7.15
Years
Years
5.01
5.14
Years
18.19
18.30
Years
4.13
4.28
9.89
5.80
5.93
4.49
4.63
3.75
4.00
4.25
10.01
10.12
10.24
7.27
18.42
18.53
7.40
7.52
6.06
6.19
5.28
5.42
4.77
4.92
4.43
4.58
4.50
18.64
10.36
7.65
6.33
5.56
5.07
4.73
6.46
6.60
6.74
4.75
18.76
10.48
7.78
7.91
5.70
5.22
5.37
5.52
4.89
5.00
5.25
18.87
18.99
10.61
10.73
5.85
5.05
4.82
4.99
5.16
5.33
8.04
5.99
6.14
5.21
5.37
5.50
5.75
19.10
10.85
8.17
6.88
5.68
19.22
10.98
11.10
8.30
7.02
6.29
5.84
5.54
5.70
5.87
6.04
6.21
6.39
6.56
6.74
6.00
б.25
6.50
19.33
19.45
19.57
8.44
8.57
7.16
7.31
7.46
6.44
6.00
5.50
5.68
5.85
11.23
11.35
11.48
11.61
11.74
11.87
6.60
6.75
6.91
7.07
7.23
7.39
6.16
6.32
8.71
8.85
6.75
19.68
19.80
19.92
20.04
7.6
7.75
7.90
8.06
8.21
8.36
6.49
6.03
7.00
7.25
7.50
8.99
9.13
9.27
6.99
7.16
7.34
6.65
6.82
6.21
6.40
6.58
6.77
6.95
6.92
7.10
7.28
7.47
7.65
7.75
8.00
20.16
12.00
12.13
9.41
9.56
7.55
7.72
8.25
8.50
8.75
20.28
20.40
20.52
20.64
12.27
12.40
9.70
9.85
9.99
8.52
8.68
8.84
7.88
8.05
8.22
7.51
7.69
7.87
7.14
7.33
7.52
9.00
9.25
9.50
9.75
10.00
10.25
20.76
20.88
21.00
12.53
12.67
12.80
12.94
13.08
10.14
9.00
8.39
8.05
7.84
7.71
10.29
10.44
10.59
9.16
9.32
8.56
8.74
8.23
8.41
8.03
8.22
7.91
8.10
8.30
8.91
9.09
9.26
9.44
8.59
8.78
8.96
21.12
9.49
8.41
8.60
21.25
13.22
10.75
10.90
9.65
9.82
8.49
8.69
13.35
13.49
21.37
21.49
21.62
21.74
21.87
21.99
22.12
22.24
22.37
22.50
8.79
8.98
11.05
11.21
10.50
9.98
10.15
9.15
8.89
10.75
11.00
13.63
9.62
9.80
9.98
10.16
9.33
9.18
13.78
13.92
9.08
9.28
9.48
11.37
10.32
10.49
9.52
9.71
9.37
11.52
11.25
11.50
11.75
12.00
12.25
12.50
9.56
9.76
9.96
14.06
14.20
14.35
14.49
14.64
9.90
10.09
10.29
10.48
10.67
9.68
9.88
10.08
10.29
10.49
11.68
10.66
11.84
12.00
12.16
12.33
10.84
11.01
11.19
11.36
10.35
10.53
10.72
10.9
10.16
10.35
10.55
12.75
13.00
22.63
14.78
14.93
12.49
11.54
11.72
11.09
11.28
10.87
11.06
10.75
10.95
10.69
10.90
22.75
12.65
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning