Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at 5 1/4% for 20 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.) Monthly payment$ Total interest$ 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 (%) 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years 40 Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.87 10.61 7.91 6.60 5.85 5.37 5.05 4.82 5.25 18.99 10.73 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 6.75 19.68 11.48 8.85 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 8.99 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 6.82 6.56 6.40 7.50 20.04 11.87 9.27 8.06 7.39 6.99 6.74 6.58 7.75 20.16 12.00 9.41 8.21 7.55 7.16 6.92 6.77 8.00 20.28 12.13 9.56 8.36 7.72 7.34 7.10 6.95 8.25 20.40 12.27 9.70 8.52 7.88 7.51 7.28 7.14 8.50 20.52 12.40 9.85 8.68 8.05 7.69 7.47 7.33 8.75 20.64 12.53 9.99 8.84 8.22 7.87 7.65 7.52 9.00 20.76 12.67 10.14 9.00 8.39 8.05 7.84 7.71 9.25 20.88 12.80 10.29 9.16 8.56 8.23 8.03 7.91 9.50 21.00 12.94 10.44 9.32 8.74 8.41 8.22 8.10 9.75 21.12 13.08 10.59 9.49 8.91 8.59 8.41 8.30 10.00 21.25 13.22 10.75 9.65 9.09 8.78 8.60 8.49 10.25 21.37 13.35 10.90 9.82 9.26 8.96 8.79 8.69 10.50 21.49 13.49 11.05 9.98 9.44 9.15 8.98 8.89 10.75 21.62 13.63 11.21 10.15 9.62 9.33 9.18 9.08 11.00 21.74 13.78 11.37 10.32 9.80 9.52 9.37 9.28 11.25 21.87 13.92 11.52 10.49 9.98 9.71 9.56 9.48 11.50 21.99 14.06 11.68 10.66 10.16 9.90 9.76 9.68 11.75 22.12 14.20 11.84 10.84 10.35 10.09 9.96 9.88 12.00 22.24 14.35 12.00 11.01 10.53 10.29 10.16 10.08 12.25 22.37 14.49 12.16 11.19 10.72 10.48 10.35 10.29 12.50 22.50 14.64 12.33 11.36 10.9 10.67 10.55 10.49 12.75 22.63 14.78 12.49 11.54 11.09 10.87 10.75 10.69 13.00 22.75 14.93 12.65 11.72 11.28 11.06 10.95 10.90
Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at 5 1/4% for 20 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.) Monthly payment$ Total interest$ 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 (%) 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years 40 Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.87 10.61 7.91 6.60 5.85 5.37 5.05 4.82 5.25 18.99 10.73 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 6.75 19.68 11.48 8.85 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 8.99 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 6.82 6.56 6.40 7.50 20.04 11.87 9.27 8.06 7.39 6.99 6.74 6.58 7.75 20.16 12.00 9.41 8.21 7.55 7.16 6.92 6.77 8.00 20.28 12.13 9.56 8.36 7.72 7.34 7.10 6.95 8.25 20.40 12.27 9.70 8.52 7.88 7.51 7.28 7.14 8.50 20.52 12.40 9.85 8.68 8.05 7.69 7.47 7.33 8.75 20.64 12.53 9.99 8.84 8.22 7.87 7.65 7.52 9.00 20.76 12.67 10.14 9.00 8.39 8.05 7.84 7.71 9.25 20.88 12.80 10.29 9.16 8.56 8.23 8.03 7.91 9.50 21.00 12.94 10.44 9.32 8.74 8.41 8.22 8.10 9.75 21.12 13.08 10.59 9.49 8.91 8.59 8.41 8.30 10.00 21.25 13.22 10.75 9.65 9.09 8.78 8.60 8.49 10.25 21.37 13.35 10.90 9.82 9.26 8.96 8.79 8.69 10.50 21.49 13.49 11.05 9.98 9.44 9.15 8.98 8.89 10.75 21.62 13.63 11.21 10.15 9.62 9.33 9.18 9.08 11.00 21.74 13.78 11.37 10.32 9.80 9.52 9.37 9.28 11.25 21.87 13.92 11.52 10.49 9.98 9.71 9.56 9.48 11.50 21.99 14.06 11.68 10.66 10.16 9.90 9.76 9.68 11.75 22.12 14.20 11.84 10.84 10.35 10.09 9.96 9.88 12.00 22.24 14.35 12.00 11.01 10.53 10.29 10.16 10.08 12.25 22.37 14.49 12.16 11.19 10.72 10.48 10.35 10.29 12.50 22.50 14.64 12.33 11.36 10.9 10.67 10.55 10.49 12.75 22.63 14.78 12.49 11.54 11.09 10.87 10.75 10.69 13.00 22.75 14.93 12.65 11.72 11.28 11.06 10.95 10.90
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
100%
Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at
5 1/4% for 20 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.)
Monthly payment$ Total interest$
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 (%) |
5 Years |
10 Years |
15 Years |
20 Years |
25 Years |
30 Years |
35 Years |
40 Years |
---|---|---|---|---|---|---|---|---|
3.50 | 18.19 | 9.89 | 7.15 | 5.80 | 5.01 | 4.49 | 4.13 | 3.87 |
3.75 | 18.30 | 10.01 | 7.27 | 5.93 | 5.14 | 4.63 | 4.28 | 4.03 |
4.00 | 18.42 | 10.12 | 7.40 | 6.06 | 5.28 | 4.77 | 4.43 | 4.18 |
4.25 | 18.53 | 10.24 | 7.52 | 6.19 | 5.42 | 4.92 | 4.58 | 4.34 |
4.50 | 18.64 | 10.36 | 7.65 | 6.33 | 5.56 | 5.07 | 4.73 | 4.50 |
4.75 | 18.76 | 10.48 | 7.78 | 6.46 | 5.70 | 5.22 | 4.89 | 4.66 |
5.00 | 18.87 | 10.61 | 7.91 | 6.60 | 5.85 | 5.37 | 5.05 | 4.82 |
5.25 | 18.99 | 10.73 | 8.04 | 6.74 | 5.99 | 5.52 | 5.21 | 4.99 |
5.50 | 19.10 | 10.85 | 8.17 | 6.88 | 6.14 | 5.68 | 5.37 | 5.16 |
5.75 | 19.22 | 10.98 | 8.30 | 7.02 | 6.29 | 5.84 | 5.54 | 5.33 |
6.00 | 19.33 | 11.10 | 8.44 | 7.16 | 6.44 | 6.00 | 5.70 | 5.50 |
6.25 | 19.45 | 11.23 | 8.57 | 7.31 | 6.60 | 6.16 | 5.87 | 5.68 |
6.50 | 19.57 | 11.35 | 8.71 | 7.46 | 6.75 | 6.32 | 6.04 | 5.85 |
6.75 | 19.68 | 11.48 | 8.85 | 7.6 | 6.91 | 6.49 | 6.21 | 6.03 |
7.00 | 19.80 | 11.61 | 8.99 | 7.75 | 7.07 | 6.65 | 6.39 | 6.21 |
7.25 | 19.92 | 11.74 | 9.13 | 7.90 | 7.23 | 6.82 | 6.56 | 6.40 |
7.50 | 20.04 | 11.87 | 9.27 | 8.06 | 7.39 | 6.99 | 6.74 | 6.58 |
7.75 | 20.16 | 12.00 | 9.41 | 8.21 | 7.55 | 7.16 | 6.92 | 6.77 |
8.00 | 20.28 | 12.13 | 9.56 | 8.36 | 7.72 | 7.34 | 7.10 | 6.95 |
8.25 | 20.40 | 12.27 | 9.70 | 8.52 | 7.88 | 7.51 | 7.28 | 7.14 |
8.50 | 20.52 | 12.40 | 9.85 | 8.68 | 8.05 | 7.69 | 7.47 | 7.33 |
8.75 | 20.64 | 12.53 | 9.99 | 8.84 | 8.22 | 7.87 | 7.65 | 7.52 |
9.00 | 20.76 | 12.67 | 10.14 | 9.00 | 8.39 | 8.05 | 7.84 | 7.71 |
9.25 | 20.88 | 12.80 | 10.29 | 9.16 | 8.56 | 8.23 | 8.03 | 7.91 |
9.50 | 21.00 | 12.94 | 10.44 | 9.32 | 8.74 | 8.41 | 8.22 | 8.10 |
9.75 | 21.12 | 13.08 | 10.59 | 9.49 | 8.91 | 8.59 | 8.41 | 8.30 |
10.00 | 21.25 | 13.22 | 10.75 | 9.65 | 9.09 | 8.78 | 8.60 | 8.49 |
10.25 | 21.37 | 13.35 | 10.90 | 9.82 | 9.26 | 8.96 | 8.79 | 8.69 |
10.50 | 21.49 | 13.49 | 11.05 | 9.98 | 9.44 | 9.15 | 8.98 | 8.89 |
10.75 | 21.62 | 13.63 | 11.21 | 10.15 | 9.62 | 9.33 | 9.18 | 9.08 |
11.00 | 21.74 | 13.78 | 11.37 | 10.32 | 9.80 | 9.52 | 9.37 | 9.28 |
11.25 | 21.87 | 13.92 | 11.52 | 10.49 | 9.98 | 9.71 | 9.56 | 9.48 |
11.50 | 21.99 | 14.06 | 11.68 | 10.66 | 10.16 | 9.90 | 9.76 | 9.68 |
11.75 | 22.12 | 14.20 | 11.84 | 10.84 | 10.35 | 10.09 | 9.96 | 9.88 |
12.00 | 22.24 | 14.35 | 12.00 | 11.01 | 10.53 | 10.29 | 10.16 | 10.08 |
12.25 | 22.37 | 14.49 | 12.16 | 11.19 | 10.72 | 10.48 | 10.35 | 10.29 |
12.50 | 22.50 | 14.64 | 12.33 | 11.36 | 10.9 | 10.67 | 10.55 | 10.49 |
12.75 | 22.63 | 14.78 | 12.49 | 11.54 | 11.09 | 10.87 | 10.75 | 10.69 |
13.00 | 22.75 | 14.93 | 12.65 | 11.72 | 11.28 | 11.06 | 10.95 | 10.90 |
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
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
PFIN (with PFIN Online, 1 term (6 months) Printed…
Finance
ISBN:
9781337117005
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
PFIN (with PFIN Online, 1 term (6 months) Printed…
Finance
ISBN:
9781337117005
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning