Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 93PSB
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Question
Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges? Amortization chart
Transcribed Image Text:AMORTIZATION CHART (MORTGAGE PRINCIPAL AND INTEREST PER THOUSAND DOLLARS)
Term
in years
Interest
31%
5%
5%
6%
7%
7%
8%
8%
9%
9%
10%
10%
11%
11%
10
9.89
10.61
10.86
11.36
11.62
11.88
12.14
12.40
12.67
12.94
13.22
13.50
13.78
14.06
12
8.52
9.25
9.51
10.02
10.29
10.56
10.83
11.11
11.39
11.67
11.96
12.25
12.54
12.84
15
7.15
7.91
8.18
8.72
8.99
9.28
9.56
9.85
10.15
10.45
10.75
11.06
11.37
11.69
17
6.52
7.29
7.56
8.12
8.40
8.69
8.99
9.29
9.59
9.90
10.22
10.54
10.86
11.19
20
5.80
6.60
6.88
7.46
7.76
8.06
8.37
8.68
9.00
9.33
9.66
9.99
10.33
10.67
5.44
6.20
7.13
7.75
8.07
8.39
8.72
9.73
9.45
22
6.51
7.44
9.05
9.39
10.08
10.43
25
5.01
5.85
6.15
6.76
7.07
7.39
7.72
8.06
8.40
8.74
9.09
9.81
10.17
30
4.50
5.37
5.68
6.33
6.66
7.00
7.34
7.69
8.05
8.41
8.78
9.15
9.53
9.91
35
3.99
5.05
5.38
6.05
6.39
6.75
7.11
7.47
7.84
8.22
8.60
8.99
9.37
9.77
Interest
13%
13%
Term
in years
11%
12%
12일%
122%
13%
14%
14%
15%
15%
14%
10
14.21
14.35
14.64
14.79
14.94
15.23
15.38
15.53
15.83
15.99
16.14
16.45
12
12.99
13.14
13.44
13.60
13.75
14.06
14.22
14.38
14.69
14.85
15.01
15.34
12.33
11.85
13.15
12.71
13.66
13.83
13.41
15
11.85
12.01
12.49
12.66
12.99
13.32
14.00
14.34
17
11.35
11.52
12.02
12.19
12.53
12.88
13.23
13.58
13.94
20
10.84
11.02
11.37
11.54
11.72
12.08
12.26
12.44
12.80
12.99
13.17
13.54
22
10.61
10.78
11.14
11.33
11.51
11.87
12.06
12.24
12.62
12.81
12.99
13.37
25
10.35
10.54
10.91
11.10
11.28
11.66
11.85
12.04
12.43
12.62
12.81
13.20
30
10.10
10.29
10.68
10.87
11.07
11.46
11.66
11.85
12.25
12.45
12.65
13.05
35
9.96
10.16
10.56
10.76
10.96
11.36
11.56
11.76
12.17
12.37
12.57
12.98
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