Julie and Rex Parker plan to buy a $310,000 home, paying 20% downpayment and financing the balance at 4% for 30 years. The taxes are $6000 per year, with annual insurance costing $650 per year. Find the monthly payment (including taxes and insurance). Use the real estate amortization table to find the monthly payment. Loan Payoff Table Number of Months APR 18 24 30 36 42 48 54 60 APR 8% .05914 .04523 .03688 .03134 .02738 .02441 .02211 .02028 8% 9% .05960 .04568 .03735 .03180 .02785 .02489 .02259 .02076 9% 10% .06006 .04615 .03781 .03227 .02832 .02536 .02307 .02125 10% 11% .06052 .04661 .03828 .03274 .02879 .02585 .02356 .02174 11% 12% .06098 .04707 .03875 .03321 .02928 .02633 .02406 .02225 12% 13% .06145 .04754 .03922 .03369 .02976 .02683 .02456 .02275 13% 14% .06192 .04801 .03970 .03418 .03025 .02733 .02507 .02327 14% 15% .06238 .04849 .04018 .03467 .03075 .02783 .02558 .02379 15% 16% .06286 .04896 .04066 .03516 .03125 .02834 .02610 .02432 16% 17% .06333 .04944 .04115 .03565 .03176 .02885 .02662 .02485 17% 18% .06381 .04993 .04164 .03615 .03226 .02937 .02715 .02539 18% 19% .06428 .05041 .04213 .03666 .03278 .02990 .02769 .02594 19% 20% .06476 .05090 .04263 .03716 .03330 .03043 .02823 .02649 20%

Julie and Rex Parker plan to buy a $310,000 home, paying 20% downpayment and financing the balance at 4% for 30 years. The taxes are $6000 per year, with annual insurance costing $650 per year. Find the monthly payment (including taxes and insurance). Use the real estate amortization table to find the monthly payment. Loan Payoff Table Number of Months APR 18 24 30 36 42 48 54 60 APR 8% .05914 .04523 .03688 .03134 .02738 .02441 .02211 .02028 8% 9% .05960 .04568 .03735 .03180 .02785 .02489 .02259 .02076 9% 10% .06006 .04615 .03781 .03227 .02832 .02536 .02307 .02125 10% 11% .06052 .04661 .03828 .03274 .02879 .02585 .02356 .02174 11% 12% .06098 .04707 .03875 .03321 .02928 .02633 .02406 .02225 12% 13% .06145 .04754 .03922 .03369 .02976 .02683 .02456 .02275 13% 14% .06192 .04801 .03970 .03418 .03025 .02733 .02507 .02327 14% 15% .06238 .04849 .04018 .03467 .03075 .02783 .02558 .02379 15% 16% .06286 .04896 .04066 .03516 .03125 .02834 .02610 .02432 16% 17% .06333 .04944 .04115 .03565 .03176 .02885 .02662 .02485 17% 18% .06381 .04993 .04164 .03615 .03226 .02937 .02715 .02539 18% 19% .06428 .05041 .04213 .03666 .03278 .02990 .02769 .02594 19% 20% .06476 .05090 .04263 .03716 .03330 .03043 .02823 .02649 20%

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 41P

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