Complete the following table: (Use Table 15.1.) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Selling price down payment amount mortgage rate years Monthly paymeny First payment broken down to interest first payment broken down to principal Balance at end of month $236,000 $47,200 7.00% 15
Complete the following table: (Use Table 15.1.) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Selling price down payment amount mortgage rate years Monthly paymeny First payment broken down to interest first payment broken down to principal Balance at end of month $236,000 $47,200 7.00% 15
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 5FPE
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Question
Complete the following table: (Use Table 15.1.)
Note: Do not round intermediate calculations. Round your answers to the nearest cent.
| Selling price | down payment | amount mortgage | rate | years | Monthly paymeny | First payment broken down to interest | first payment broken down to principal | Balance at end of month |
| $236,000 | $47,200 | 7.00% | 15 |
TABLE 15.1
Amortization table (mortgage principal and interest per $1,000)
| Rate | Interest Only | 10 Year | 15 Year | 20 Year | 25 Year | 30 Year | 40 Year |
|---|---|---|---|---|---|---|---|
| 2.000 | 0.16667 | 9.20135 | 6.43509 | 5.05883 | 4.23854 | 3.69619 | 3.02826 |
| 2.125 | 0.17708 | 9.25743 | 6.49281 | 5.11825 | 4.29966 | 3.75902 | 3.09444 |
| 2.250 | 0.18750 | 9.31374 | 6.55085 | 5.17808 | 4.36131 | 3.82246 | 3.16142 |
| 2.375 | 0.19792 | 9.37026 | 6.60921 | 5.23834 | 4.42348 | 3.88653 | 3.22921 |
| 2.500 | 0.20833 | 9.42699 | 6.66789 | 5.29903 | 4.48617 | 3.95121 | 3.29778 |
| 2.625 | 0.21875 | 9.48394 | 6.72689 | 5.36014 | 4.54938 | 4.01651 | 3.36714 |
| 2.750 | 0.22917 | 9.54110 | 6.78622 | 5.42166 | 4.61311 | 4.08241 | 3.43728 |
| 2.875 | 0.23958 | 9.59848 | 6.84586 | 5.48361 | 4.67735 | 4.14892 | 3.50818 |
| 3.000 | 0.25000 | 9.65607 | 6.90582 | 5.54598 | 4.74211 | 4.21604 | 3.57984 |
| 3.125 | 0.26042 | 9.71388 | 6.96609 | 5.60876 | 4.80738 | 4.28375 | 3.65226 |
| 3.250 | 0.27083 | 9.77190 | 7.02669 | 5.67196 | 4.87316 | 4.35206 | 3.72541 |
| 3.375 | 0.28125 | 9.83014 | 7.08760 | 5.73557 | 4.93945 | 4.42096 | 3.79930 |
| 3.500 | 0.29167 | 9.88859 | 7.14883 | 5.79960 | 5.00624 | 4.49045 | 3.87391 |
| 3.625 | 0.30208 | 9.94725 | 7.21037 | 5.86404 | 5.07352 | 4.56051 | 3.94923 |
| 3.750 | 0.31250 | 10.00612 | 7.27222 | 5.92888 | 5.14131 | 4.63116 | 4.02526 |
| 3.875 | 0.32292 | 10.06521 | 7.33440 | 5.99414 | 5.20959 | 4.70237 | 4.10198 |
| 4.000 | 0.33333 | 10.12451 | 7.39688 | 6.05980 | 5.27837 | 4.77415 | 4.17938 |
| 4.125 | 0.34375 | 10.18403 | 7.45968 | 6.12587 | 5.34763 | 4.84650 | 4.25746 |
| 4.250 | 0.35417 | 10.24375 | 7.52278 | 6.19234 | 5.41738 | 4.91940 | 4.33620 |
| 4.375 | 0.36458 | 10.30369 | 7.58620 | 6.25922 | 5.48761 | 4.99285 | 4.41559 |
| 4.500 | 0.37500 | 10.36384 | 7.64993 | 6.32649 | 5.55832 | 5.06685 | 4.49563 |
| 4.625 | 0.38542 | 10.42420 | 7.71397 | 6.39417 | 5.62951 | 5.14140 | 4.57629 |
| 4.750 | 0.39583 | 10.48477 | 7.77832 | 6.46224 | 5.70117 | 5.21647 | 4.65758 |
| 4.875 | 0.40625 | 10.54556 | 7.84297 | 6.53070 | 5.77330 | 5.29208 | 4.73947 |
| 5.000 | 0.41667 | 10.60655 | 7.90794 | 6.59956 | 5.84590 | 5.36822 | 4.82197 |
| 5.125 | 0.42708 | 10.66776 | 7.97320 | 6.66881 | 5.91896 | 5.44487 | 4.90505 |
| 5.250 | 0.43750 | 10.72917 | 8.03878 | 6.73844 | 5.99248 | 5.52204 | 4.98870 |
| 5.375 | 0.44792 | 10.79079 | 8.10465 | 6.80847 | 6.06645 | 5.59971 | 5.07293 |
| 5.500 | 0.45833 | 10.85263 | 8.17083 | 6.87887 | 6.14087 | 5.67789 | 5.15770 |
| 5.625 | 0.46875 | 10.91467 | 8.23732 | 6.94966 | 6.21575 | 5.75656 | 5.24302 |
| 5.750 | 0.47917 | 10.97692 | 8.30410 | 7.02084 | 6.29106 | 5.83573 | 5.32888 |
| 5.875 | 0.48958 | 11.03938 | 8.37118 | 7.09238 | 6.36682 | 5.91538 | 5.41525 |
| 6.000 | 0.50000 | 11.10205 | 8.43857 | 7.16431 | 6.44301 | 5.99551 | 5.50214 |
| 6.125 | 0.51042 | 11.16493 | 8.50625 | 7.23661 | 6.51964 | 6.07611 | 5.58952 |
| 6.250 | 0.52083 | 11.22801 | 8.57423 | 7.30928 | 6.59669 | 6.15717 | 5.67740 |
| 6.375 | 0.53125 | 11.29130 | 8.64250 | 7.38232 | 6.67417 | 6.23870 | 5.76575 |
| 6.500 | 0.54167 | 11.35480 | 8.71107 | 7.45573 | 6.75207 | 6.32068 | 5.85457 |
| 6.625 | 0.55208 | 11.41850 | 8.77994 | 7.52950 | 6.83039 | 6.40311 | 5.94385 |
| 6.750 | 0.56250 | 11.48241 | 8.84909 | 7.60364 | 6.90912 | 6.48598 | 6.03357 |
| 6.875 | 0.57292 | 11.54653 | 8.91854 | 7.67814 | 6.98825 | 6.56929 | 6.12373 |
| 7.000 | 0.58333 | 11.61085 | 8.98828 | 7.75299 | 7.06779 | 6.65302 | 6.21431 |
| 7.125 | 0.59375 | 11.67537 | 9.05831 | 7.82820 | 7.14773 | 6.73719 | 6.30531 |
| 7.250 | 0.60417 | 11.74010 | 9.12863 | 7.90376 | 7.22807 | 6.82176 | 6.39672 |
| 7.375 | 0.61458 | 11.80504 | 9.19923 | 7.97967 | 7.30880 | 6.90675 | 6.48852 |
| 7.500 | 0.06250 | 11.87017 | 9.27101 | 8.05593 | 7.38991 | 6.99215 | 6.58071 |
| 7.625 | 0.63542 | 11.93552 | 9.34130 | 8.13254 | 7.47141 | 7.07794 | 6.67327 |
| 7.750 | 0.64583 | 12.00106 | 9.41276 | 8.20949 | 7.55329 | 7.16412 | 6.76620 |
| 7.875 | 0.65625 | 12.06681 | 9.48450 | 8.28677 | 7.63554 | 7.25069 | 6.85948 |
| 8.000 | 0.66667 | 12.13276 | 9.55652 | 8.36440 | 7.71816 | 7.33765 | 6.95312 |
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Follow-up Question
Complete the following table: (Use Table 15.1.)
Note: Do not round intermediate calculations. Round your answers to the nearest cent.
| selling price | down payment | amount mortgage | rate | years | monthly payment | first payment broken down into interest | first payment broken down into principal | Balance at end of month |
| $236,000 | 47,200 | $188,800 | 7.00% | 15 |
Monthly payment is NOT 1694.23
first payment broken down into interest is NOT 1,101.23
first payment principal is NOT 592.90
balance at end is NOT 188,207.10
TABLE 15.1
Amortization table (mortgage principal and interest per $1,000)
| Rate | Interest Only | 10 Year | 15 Year | 20 Year | 25 Year | 30 Year | 40 Year |
|---|---|---|---|---|---|---|---|
| 2.000 | 0.16667 | 9.20135 | 6.43509 | 5.05883 | 4.23854 | 3.69619 | 3.02826 |
| 2.125 | 0.17708 | 9.25743 | 6.49281 | 5.11825 | 4.29966 | 3.75902 | 3.09444 |
| 2.250 | 0.18750 | 9.31374 | 6.55085 | 5.17808 | 4.36131 | 3.82246 | 3.16142 |
| 2.375 | 0.19792 | 9.37026 | 6.60921 | 5.23834 | 4.42348 | 3.88653 | 3.22921 |
| 2.500 | 0.20833 | 9.42699 | 6.66789 | 5.29903 | 4.48617 | 3.95121 | 3.29778 |
| 2.625 | 0.21875 | 9.48394 | 6.72689 | 5.36014 | 4.54938 | 4.01651 | 3.36714 |
| 2.750 | 0.22917 | 9.54110 | 6.78622 | 5.42166 | 4.61311 | 4.08241 | 3.43728 |
| 2.875 | 0.23958 | 9.59848 | 6.84586 | 5.48361 | 4.67735 | 4.14892 | 3.50818 |
| 3.000 | 0.25000 | 9.65607 | 6.90582 | 5.54598 | 4.74211 | 4.21604 | 3.57984 |
| 3.125 | 0.26042 | 9.71388 | 6.96609 | 5.60876 | 4.80738 | 4.28375 | 3.65226 |
| 3.250 | 0.27083 | 9.77190 | 7.02669 | 5.67196 | 4.87316 | 4.35206 | 3.72541 |
| 3.375 | 0.28125 | 9.83014 | 7.08760 | 5.73557 | 4.93945 | 4.42096 | 3.79930 |
| 3.500 | 0.29167 | 9.88859 | 7.14883 | 5.79960 | 5.00624 | 4.49045 | 3.87391 |
| 3.625 | 0.30208 | 9.94725 | 7.21037 | 5.86404 | 5.07352 | 4.56051 | 3.94923 |
| 3.750 | 0.31250 | 10.00612 | 7.27222 | 5.92888 | 5.14131 | 4.63116 | 4.02526 |
| 3.875 | 0.32292 | 10.06521 | 7.33440 | 5.99414 | 5.20959 | 4.70237 | 4.10198 |
| 4.000 | 0.33333 | 10.12451 | 7.39688 | 6.05980 | 5.27837 | 4.77415 | 4.17938 |
| 4.125 | 0.34375 | 10.18403 | 7.45968 | 6.12587 | 5.34763 | 4.84650 | 4.25746 |
| 4.250 | 0.35417 | 10.24375 | 7.52278 | 6.19234 | 5.41738 | 4.91940 | 4.33620 |
| 4.375 | 0.36458 | 10.30369 | 7.58620 | 6.25922 | 5.48761 | 4.99285 | 4.41559 |
| 4.500 | 0.37500 | 10.36384 | 7.64993 | 6.32649 | 5.55832 | 5.06685 | 4.49563 |
| 4.625 | 0.38542 | 10.42420 | 7.71397 | 6.39417 | 5.62951 | 5.14140 | 4.57629 |
| 4.750 | 0.39583 | 10.48477 | 7.77832 | 6.46224 | 5.70117 | 5.21647 | 4.65758 |
| 4.875 | 0.40625 | 10.54556 | 7.84297 | 6.53070 | 5.77330 | 5.29208 | 4.73947 |
| 5.000 | 0.41667 | 10.60655 | 7.90794 | 6.59956 | 5.84590 | 5.36822 | 4.82197 |
| 5.125 | 0.42708 | 10.66776 | 7.97320 | 6.66881 | 5.91896 | 5.44487 | 4.90505 |
| 5.250 | 0.43750 | 10.72917 | 8.03878 | 6.73844 | 5.99248 | 5.52204 | 4.98870 |
| 5.375 | 0.44792 | 10.79079 | 8.10465 | 6.80847 | 6.06645 | 5.59971 | 5.07293 |
| 5.500 | 0.45833 | 10.85263 | 8.17083 | 6.87887 | 6.14087 | 5.67789 | 5.15770 |
| 5.625 | 0.46875 | 10.91467 | 8.23732 | 6.94966 | 6.21575 | 5.75656 | 5.24302 |
| 5.750 | 0.47917 | 10.97692 | 8.30410 | 7.02084 | 6.29106 | 5.83573 | 5.32888 |
| 5.875 | 0.48958 | 11.03938 | 8.37118 | 7.09238 | 6.36682 | 5.91538 | 5.41525 |
| 6.000 | 0.50000 | 11.10205 | 8.43857 | 7.16431 | 6.44301 | 5.99551 | 5.50214 |
| 6.125 | 0.51042 | 11.16493 | 8.50625 | 7.23661 | 6.51964 | 6.07611 | 5.58952 |
| 6.250 | 0.52083 | 11.22801 | 8.57423 | 7.30928 | 6.59669 | 6.15717 | 5.67740 |
| 6.375 | 0.53125 | 11.29130 | 8.64250 | 7.38232 | 6.67417 | 6.23870 | 5.76575 |
| 6.500 | 0.54167 | 11.35480 | 8.71107 | 7.45573 | 6.75207 | 6.32068 | 5.85457 |
| 6.625 | 0.55208 | 11.41850 | 8.77994 | 7.52950 | 6.83039 | 6.40311 | 5.94385 |
| 6.750 | 0.56250 | 11.48241 | 8.84909 | 7.60364 | 6.90912 | 6.48598 | 6.03357 |
| 6.875 | 0.57292 | 11.54653 | 8.91854 | 7.67814 | 6.98825 | 6.56929 | 6.12373 |
| 7.000 | 0.58333 | 11.61085 | 8.98828 | 7.75299 | 7.06779 | 6.65302 | 6.21431 |
| 7.125 | 0.59375 | 11.67537 | 9.05831 | 7.82820 | 7.14773 | 6.73719 | 6.30531 |
| 7.250 | 0.60417 | 11.74010 | 9.12863 | 7.90376 | 7.22807 | 6.82176 | 6.39672 |
| 7.375 | 0.61458 | 11.80504 | 9.19923 | 7.97967 | 7.30880 | 6.90675 | 6.48852 |
| 7.500 | 0.06250 | 11.87017 | 9.27101 | 8.05593 | 7.38991 | 6.99215 | 6.58071 |
| 7.625 | 0.63542 | 11.93552 | 9.34130 | 8.13254 | 7.47141 | 7.07794 | 6.67327 |
| 7.750 | 0.64583 | 12.00106 | 9.41276 | 8.20949 | 7.55329 | 7.16412 | 6.76620 |
| 7.875 | 0.65625 | 12.06681 | 9.48450 | 8.28677 | 7.63554 | 7.25069 | 6.85948 |
| 8.000 | 0.66667 | 12.13276 | 9.55652 | 8.36440 | 7.71816 | 7.33765 | 6.95312 |
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