Stephen has just purchased a home for $162,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 30% of the purchase price as a down payment. How much would Stephen's monthly payment increase for a 20-year mortgage over a 30-year mortgage? E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The monthly payment would increase by S] (Round to the nearest cent as needed.)
Stephen has just purchased a home for $162,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed to pay 30% of the purchase price as a down payment. How much would Stephen's monthly payment increase for a 20-year mortgage over a 30-year mortgage? E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The monthly payment would increase by S] (Round to the nearest cent as needed.)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 24PROB
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Transcribed Image Text:Stephen has just purchased a home for $162,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at 5.00%. Stephen has agreed
to pay 30% of the purchase price as a down payment. How much would Stephen's monthly payment increase for a 20-year mortgage over a 30-year mortgage?
E Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.
The monthly payment would increase by S. (Round to the nearest cent as needed.)
Transcribed Image Text:Years
Annual interest rate
financed 3.00% 3.25% 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%
9.66
9.77
9.89
10.01
10.24
10.36
10.48
9.12
10
10.12
10.61
10.73
10.85
10.98
11.10
11.23
11.35
11.48
12
8.28
9.25
8.40
7.03
8.51
8.63
8.76
8.88
9.00
9.37
9.50
9.63
9.76
9.89
10.02 10.15
15
6.91
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
7.02
7.15
7.29
7.56
7.69
7.83
8.25
6.26
5.55
5.18
4.74
7.42
6.74
6.39
5.99
6.39
6.89
6.19
17
6.51
6.64
6.76
6.06
5.70
7.97
8.11
20
5.67
5.80
5.93
6.33
6.46
6.60
6.88
7.02
7.16
7.31
7.46
7.60
5.57
6.54
6.14
6.83
6.98
6.60
7.28
6.91
22
5.31
5.44
5.84
5.97
6.11
6.25
5.85
6.68
7.13
25
5.01
5.42
6.44
6.75
6.32
4.87
5.14
5.28
5.56
5.70
6.29
4.22
4.49
4.13
30
4.35
4.63
4.77
4.92
5.07
5.22
5.37
5.52
5.68
5.84
6.00
6.16
6.49
35
3.85
3.99
4.28
4.43
4.58
4.73
4.89
5.05
5.21
5.37
5.54
5.70
5.87
6.04
6.21
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