Monthly Payments (Necessary to amortize a loan of $1,000) Interest 5 10 15 20 25 30 35 Rate (%) Years Years Years Years Years Years 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
Monthly Payments (Necessary to amortize a loan of $1,000) Interest 5 10 15 20 25 30 35 Rate (%) Years Years Years Years Years Years 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
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 18P
Related questions
Question
Find the monthly payment (in $) and the total interest (in $) for a mortgage of $46,000 at
5 1/4 %
for 40 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.)| 1 |
| 4 |
Monthly payment$ Total interest$
Transcribed Image Text:Monthly Payments
(Necessary to amortize a loan of $1,000)
Interest
5
10
15
20
25
30
35
Rate (%)
Years
Years
Years
Years
Years
Years
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
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