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Monthly payments to Repay Principal and Interest on a $1000 mortgage

Monthly payments to Repay Principal and Interest on a $1000 mortgage

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 19E
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Real Estate Amortization Table Monthly payments to Repay Principal and Interest on a $1000 mortgage Term of Mortgage (years) (1) Annual rate 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 5 17.96869 18.19174 18.41652 18.64302 18.87123 19.10116 19.33280 19.56615 19.80120 10 9.65607 9.88859 10.12451 10.36384 10.60655 10.85263 11.10205 11.35480 11.61085 15 6.90582 7.14883 7.39688 7.64993 7.90794 8.17083 8.43857 8.71107 8.98828 20 5.54598 5.79960 6.05980 6.32649 6.59956 6.87887 7.16431 7.45573 7.75299 25 4.74211 5.00624 5.27837 5.55832 5.84590 6.14087 6.44301 6.75207 7.06779 30 4.21604 4.49045 4.77415 5.06685 5.36822 5.67789 5.99551 6.32068 6.65302 40 3.57984 3.87391 4.17938 4.49563 4.82197 5.15770 5.50214 5.85457 6.21431
Transcribed Image Text:Real Estate Amortization Table Monthly payments to Repay Principal and Interest on a $1000 mortgage Term of Mortgage (years) (1) Annual rate 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 5 17.96869 18.19174 18.41652 18.64302 18.87123 19.10116 19.33280 19.56615 19.80120 10 9.65607 9.88859 10.12451 10.36384 10.60655 10.85263 11.10205 11.35480 11.61085 15 6.90582 7.14883 7.39688 7.64993 7.90794 8.17083 8.43857 8.71107 8.98828 20 5.54598 5.79960 6.05980 6.32649 6.59956 6.87887 7.16431 7.45573 7.75299 25 4.74211 5.00624 5.27837 5.55832 5.84590 6.14087 6.44301 6.75207 7.06779 30 4.21604 4.49045 4.77415 5.06685 5.36822 5.67789 5.99551 6.32068 6.65302 40 3.57984 3.87391 4.17938 4.49563 4.82197 5.15770 5.50214 5.85457 6.21431
Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Use either the regular monthly payment formula or the given table. Loan Amount Interest Rate $93,000 6.5% Term 15 years Click the icon to view the Real Estate Amortization Table. The monthly payment is $ (Round to the nearest cent as needed.)
Transcribed Image Text:Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Use either the regular monthly payment formula or the given table. Loan Amount Interest Rate $93,000 6.5% Term 15 years Click the icon to view the Real Estate Amortization Table. The monthly payment is $ (Round to the nearest cent as needed.)
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