elling Price of Home Down Payment Rate of Interest Years $ 190,000.00 $ 50,000.00 7% 25 Required: Please use the above information to answer the below questions: (Use Table 15-1) How many total payments on this mortgage? $300 What is the principal (loan)? $140,000 What is the payment per $1,000? What is the monthly mortgage payment? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Term in Years INTEREST 3½% 5% 5½% 6% 6½% 7% 7½% 8% 8½% 9% 9½% 10% 10½% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 9.51 9.76 10.02 10.29 10.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39 9.73 10.08 25 5.01 5.85 6.15 6.45 6.76 7.07 7.39 7.72 8.06 8.40 8.74 9.09 9.45 9.81 30 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.34 7.69 8.05 8.41 8.78 9.15 9.53 35 3.99 5.05 5.38 5.71 6.05 6.39 6.75 7.11 7.47 7.84 8.22 8.60 8.99 9.37
elling Price of Home Down Payment Rate of Interest Years $ 190,000.00 $ 50,000.00 7% 25 Required: Please use the above information to answer the below questions: (Use Table 15-1) How many total payments on this mortgage? $300 What is the principal (loan)? $140,000 What is the payment per $1,000? What is the monthly mortgage payment? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Term in Years INTEREST 3½% 5% 5½% 6% 6½% 7% 7½% 8% 8½% 9% 9½% 10% 10½% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 9.51 9.76 10.02 10.29 10.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39 9.73 10.08 25 5.01 5.85 6.15 6.45 6.76 7.07 7.39 7.72 8.06 8.40 8.74 9.09 9.45 9.81 30 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.34 7.69 8.05 8.41 8.78 9.15 9.53 35 3.99 5.05 5.38 5.71 6.05 6.39 6.75 7.11 7.47 7.84 8.22 8.60 8.99 9.37
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
Chapter5: Making Automobile And Housing Decisions
Section: Chapter Questions
Problem 7FPE
Related questions
Question
PLEASE DO NOT ROUND THE ANSWERS I have answered the first 2
| Selling Price of Home | Down Payment | Rate of Interest | Years |
|---|---|---|---|
| $ 190,000.00 | $ 50,000.00 | 7% | 25 |
Required:
Please use the above information to answer the below questions: (Use Table 15-1)
- How many total payments on this mortgage? $300
- What is the principal (loan)? $140,000
- What is the payment per $1,000?
- What is the monthly mortgage payment?
TABLE 15.1
Amortization table (mortgage principal and interest per $1,000)
| Term in Years | INTEREST | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3½% | 5% | 5½% | 6% | 6½% | 7% | 7½% | 8% | 8½% | 9% | 9½% | 10% | 10½% | 11% | |
| 10 | 9.89 | 10.61 | 10.86 | 11.11 | 11.36 | 11.62 | 11.88 | 12.14 | 12.40 | 12.67 | 12.94 | 13.22 | 13.50 | 13.78 |
| 12 | 8.52 | 9.25 | 9.51 | 9.76 | 10.02 | 10.29 | 10.56 | 10.83 | 11.11 | 11.39 | 11.67 | 11.96 | 12.25 | 12.54 |
| 15 | 7.15 | 7.91 | 8.18 | 8.44 | 8.72 | 8.99 | 9.28 | 9.56 | 9.85 | 10.15 | 10.45 | 10.75 | 11.06 | 11.37 |
| 17 | 6.52 | 7.29 | 7.56 | 7.84 | 8.12 | 8.40 | 8.69 | 8.99 | 9.29 | 9.59 | 9.90 | 10.22 | 10.54 | 10.86 |
| 20 | 5.80 | 6.60 | 6.88 | 7.17 | 7.46 | 7.76 | 8.06 | 8.37 | 8.68 | 9.00 | 9.33 | 9.66 | 9.99 | 10.33 |
| 22 | 5.44 | 6.20 | 6.51 | 6.82 | 7.13 | 7.44 | 7.75 | 8.07 | 8.39 | 8.72 | 9.05 | 9.39 | 9.73 | 10.08 |
| 25 | 5.01 | 5.85 | 6.15 | 6.45 | 6.76 | 7.07 | 7.39 | 7.72 | 8.06 | 8.40 | 8.74 | 9.09 | 9.45 | 9.81 |
| 30 | 4.50 | 5.37 | 5.68 | 6.00 | 6.33 | 6.66 | 7.00 | 7.34 | 7.69 | 8.05 | 8.41 | 8.78 | 9.15 | 9.53 |
| 35 | 3.99 | 5.05 | 5.38 | 5.71 | 6.05 | 6.39 | 6.75 | 7.11 | 7.47 | 7.84 | 8.22 | 8.60 | 8.99 | 9.37 |
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