Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Term of Loan (years) Number of $1,000s Financed Monthly Payment (in $) Total Interest (in $) Amount Interest Financed Rate $169,300 7.25% Need Help? Read It Submit Answer 15 Table Factor (in $)
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Term of Loan (years) Number of $1,000s Financed Monthly Payment (in $) Total Interest (in $) Amount Interest Financed Rate $169,300 7.25% Need Help? Read It Submit Answer 15 Table Factor (in $)
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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Transcribed Image Text:Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed
Monthly Payments
(Necessary to amortize a loan of $1,000)
5
Interest
Rate (%) Years
3.50
18.19
3.75
4.00
18.30
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
12.75
13.00
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
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
14.78
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
11.36
11.54
11.72
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
10.67
10.87
11.06
35
Years
4.13
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
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
Transcribed Image Text:Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.)
Amount Interest
Financed
Rate
$169,300 7.25%
Need Help? Read It
Submit Answer
Term
of Loan
(years)
15
Number
of $1,000s
Financed
tA
Table
Factor
(in $)
tA
Monthly
Payment
(in $)
LA
Total
Interest
(in $)
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