y 30% of the purchase price as a down payment. Find the down payment, amount of mortgage, and monthly paym Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount finance (Round to the nearest cent as needed.) (Round to the nearest cent as needed.) The down payment is about S The mortgage amount is about $ The monthly mortgage payment is about S (Round to the nearest cent as needed.)
y 30% of the purchase price as a down payment. Find the down payment, amount of mortgage, and monthly paym Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount finance (Round to the nearest cent as needed.) (Round to the nearest cent as needed.) The down payment is about S The mortgage amount is about $ The monthly mortgage payment is about S (Round to the nearest cent as needed.)
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
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...
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Question
Transcribed Image Text:Stephen has just purchased a home for $136,000. 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. Find the down payment, amount of mortgage, and monthly payment.
Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.
(Round to the nearest cent as needed.)
(Round to the nearest cent as needed.)
The down payment is about S
The mortgage amount is about $
The monthly mortgage payment is about S
CODE
(Round to the nearest cent as needed.)
Transcribed Image Text:Years
Annual interest rate
financed 3.00%
9.66 9.77 9.89 10.01 10.12
8.28
6.91
8.40 8.51 8.63 8.76
7.03 7.15
7.40
7.27
6.64 6.76
8.17
8.30
8.44
8.57
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%
10.36 10.48
10.24
10.61 10.73 10.85 10.98 11.10 11.23 11.35
8.88 9.00
9.89
9.12 9.25 9.37 9.50 9.63 9.76
10.02
7.52 7.65 7.78 7.91 8.04
6.89 7.02 7.15 7.29 7.42
5.93 6.06 6.19 6.33
5.97
5.70
5.56
8.71
6.39
6.51
7.69
7.97
8.11
5.67 5.80
6.46
6.60
6.74
7.02
7.31
7.46
5.70
6.11
6.25
6.39
6.68
6.98
7.13
5.44
4.87 5.01
4.35 4.49
5.57
5.14
4.63
5.84
5.42
4.92
5.07
5.22
730
177
nn
PORTANTO
10
12
15
17
20
22
25
30
35
6.26
5.55
5.18 5.31
4.74
4.22
30
5.28
4.77
10
7.56
6.88
6.54
5.85 5.99 6.14
5.37
5.52
5.68
737
-
137
6.29
5.84
7.83
7.16
6.83
6.44
6.00
777
6.60
6.16
737
6.75
6.32
754
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