| Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Table Factor (in $) Amount Interest Financed Rate $165,300 5.25% Term of Loan (years) 15 Interest Rate (%) 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00 9.25 9.50 9.75 10.00 10.25 10.50 10.75 11.00 11.25 11.50 11.75 12.00 12.25 12.50 Number of $1,000s Financed 165.30 12.75 13.00 Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) Years 18.19 18.30 18.42 18.53 18.64 18.76 18.87 18.99 19.10 19.22 19.33 19.45 19.57 19.68 19.80 19.92 20.04 20.16 20.28 20.40 20.52 20.64 20.76 20.88 21.00 21.12 21.25 21.37 21.49 21.62 21.74 21.87 21.99 22.12 $ 8.04 22.24 22.37 22.50 22.63 22.75 10 Years 9.89 10.01 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 11.61 11.74 11.87 12.00 12.13 12.27 12.40 12.53 12.67 12.80 12.94 13.08 13.22 13.35 13.49 13.63 13.78 13.92 14.06 14.20 14.35 14.49 14.64 14.76 14.93 15 Years 7.15 7.27 7.40 7.52 7.65 7.78 7.91 8.04 8.17 8.30 8.44 8.57 8.71 8.85 8.99 9.13 9.27 9.41 9.56 9.70 9.85 9.99 10.14 10.29 10.44 10.59 10.75 10.90 11.05 11.21 11.37 11.52 11.68 11.84 ✓ 12.00 12.16 12.33 12.49 12.65 20 Years 5.80 5.93 6.06 6.19 6.33 6.46 6.60 6.74 6.88 7.02 7.16 7.31 7.46 7.6 7.75 7.90 8.06 8.21 8.36 8.52 8.68 8.84 9.00 9.16 9.32 9.49 9.65 9.82 9.98 10.15 10.32 10.49 10.66 10.84 11.01 11.19 Monthly Payment (in $) 11.36 11.54 11.72 $1,329.01 25 Years 5.01 5.14 5.28 5.42 5.56 5.70 5.85 5.99 6.14 6.29 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55 7.72 7.88 8.05 8.22 8.39 8.56 8.74 8.91 9.09 9.26 9.44 9.62 9.80 9.98 10.16 10.35 ✓ 10.53 10.72 10.9 11.09 11.28 30 Years 4.49 4.63 4.77 4.92 5.07 5.22 5.37 5.52 5.68 5.84 6.00 6.16 6.32 6.49 6.65 6.82 6.99 7.16 7.34 7.51 7.69 7.87 8.05 8.23 8.41 8.59 8.78 8.96 9.15 9.33 9.52 9.71 9.90 10.09 10.29 10.48 Total Interest (in $) 10.67 10.87 11.06 $723.19 X 35 Years 4.13 4.28 4.43 4.58 4.73 4.89 5.05 5.21 5.37 5.54 5.70 S.87 6.04 6.21 6.39 6.56 6.74 6.92 7.10 7.28 7.47 7.65 7.84 8.03 8.22 8.41 8.60 8.79 8.98 9.18 9.37 9.56 9.76 9.96 10.16 10.35 10.55 10.75 10.95 40 Years 3.87 4.03 4.18 4.34 4.50 4.66 4.82 4.99 5.16 5.33 5.50 5.68 5.85 6.03 6.21 6.40 6.58 6.77 6.95 7.14 7.33 7.52 7.71 7.91 8.10 8.30 8.49 8.69 8.89 9.08 9.28 9.48 9.68 9.88 10.08 10.29 10.49 10.69 10.90
| Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Table Factor (in $) Amount Interest Financed Rate $165,300 5.25% Term of Loan (years) 15 Interest Rate (%) 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00 9.25 9.50 9.75 10.00 10.25 10.50 10.75 11.00 11.25 11.50 11.75 12.00 12.25 12.50 Number of $1,000s Financed 165.30 12.75 13.00 Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) Years 18.19 18.30 18.42 18.53 18.64 18.76 18.87 18.99 19.10 19.22 19.33 19.45 19.57 19.68 19.80 19.92 20.04 20.16 20.28 20.40 20.52 20.64 20.76 20.88 21.00 21.12 21.25 21.37 21.49 21.62 21.74 21.87 21.99 22.12 $ 8.04 22.24 22.37 22.50 22.63 22.75 10 Years 9.89 10.01 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 11.61 11.74 11.87 12.00 12.13 12.27 12.40 12.53 12.67 12.80 12.94 13.08 13.22 13.35 13.49 13.63 13.78 13.92 14.06 14.20 14.35 14.49 14.64 14.76 14.93 15 Years 7.15 7.27 7.40 7.52 7.65 7.78 7.91 8.04 8.17 8.30 8.44 8.57 8.71 8.85 8.99 9.13 9.27 9.41 9.56 9.70 9.85 9.99 10.14 10.29 10.44 10.59 10.75 10.90 11.05 11.21 11.37 11.52 11.68 11.84 ✓ 12.00 12.16 12.33 12.49 12.65 20 Years 5.80 5.93 6.06 6.19 6.33 6.46 6.60 6.74 6.88 7.02 7.16 7.31 7.46 7.6 7.75 7.90 8.06 8.21 8.36 8.52 8.68 8.84 9.00 9.16 9.32 9.49 9.65 9.82 9.98 10.15 10.32 10.49 10.66 10.84 11.01 11.19 Monthly Payment (in $) 11.36 11.54 11.72 $1,329.01 25 Years 5.01 5.14 5.28 5.42 5.56 5.70 5.85 5.99 6.14 6.29 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55 7.72 7.88 8.05 8.22 8.39 8.56 8.74 8.91 9.09 9.26 9.44 9.62 9.80 9.98 10.16 10.35 ✓ 10.53 10.72 10.9 11.09 11.28 30 Years 4.49 4.63 4.77 4.92 5.07 5.22 5.37 5.52 5.68 5.84 6.00 6.16 6.32 6.49 6.65 6.82 6.99 7.16 7.34 7.51 7.69 7.87 8.05 8.23 8.41 8.59 8.78 8.96 9.15 9.33 9.52 9.71 9.90 10.09 10.29 10.48 Total Interest (in $) 10.67 10.87 11.06 $723.19 X 35 Years 4.13 4.28 4.43 4.58 4.73 4.89 5.05 5.21 5.37 5.54 5.70 S.87 6.04 6.21 6.39 6.56 6.74 6.92 7.10 7.28 7.47 7.65 7.84 8.03 8.22 8.41 8.60 8.79 8.98 9.18 9.37 9.56 9.76 9.96 10.16 10.35 10.55 10.75 10.95 40 Years 3.87 4.03 4.18 4.34 4.50 4.66 4.82 4.99 5.16 5.33 5.50 5.68 5.85 6.03 6.21 6.40 6.58 6.77 6.95 7.14 7.33 7.52 7.71 7.91 8.10 8.30 8.49 8.69 8.89 9.08 9.28 9.48 9.68 9.88 10.08 10.29 10.49 10.69 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
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