Using Table 14-1 as needed, calculate the required information for the following mortgages.
TABLE 14-1 | Monthly Payments | to Amortize Principal and Interest per $1,000 Financed | |||||||
Monthly Payments(Necessary to amortize a loan of $1,000) | 40Years | ||||||||
Interest Rate (%) | 5Years | 10Years | 15Years | 20Years | 25Years | 30Years | 35Years | ||
3.50 | $18.19 | $9.89 | $7.15 | $5.80 | $5.01 | $4.49 | $4.13 | $3.87 | |
3.75 | 18.30 | 10.01 | 7.27 | 5.93 | 5.14 | 4.63 | 4.28 | 4.03 | |
4.00 | 18.42 | 10.12 | 7.40 | 6.06 | 5.28 | 4.77 | 4.43 | 4.18 | |
4.25 | 18.53 | 10.24 | 7.52 | 6.19 | 5.42 | 4.92 | 4.58 | 4.34 | |
4.50 | 18.64 | 10.36 | 7.65 | 6.33 | 5.56 | 5.07 | 4.73 | 4.50 | |
4.75 | 18.76 | 10.48 | 7.78 | 6.46 | 5.70 | 5.22 | 4.89 | 4.66 | |
5.00 | 18.88 | 10.61 | 7.91 | 6.60 | 5.85 | 5.37 | 5.05 | 4.83 | |
5.25 | 18.99 | 10.73 | 8.04 | 6.74 | 6.00 | 5.53 | 5.21 | 4.99 | |
5.50 | 19.11 | 10.86 | 8.18 | 6.88 | 6.15 | 5.68 | 5.38 | 5.16 | |
5.75 | 19.22 | 10.98 | 8.31 | 7.03 | 6.30 | 5.84 | 5.54 | 5.33 | |
6.00 | 19.34 | 11.11 | 8.44 | 7.17 | 6.45 | 6.00 | 5.71 | 5.51 | |
6.25 | 19.45 | 11.23 | 8.58 | 7.31 | 6.60 | 6.16 | 5.88 | 5.68 | |
6.50 | 19.57 | 11.36 | 8.72 | 7.46 | 6.76 | 6.33 | 6.05 | 5.86 | |
6.75 | 19.69 | 11.49 | 8.85 | 7.61 | 6.91 | 6.49 | 6.22 | 6.04 | |
7.00 | 19.81 | 11.62 | 8.99 | 7.76 | 7.07 | 6.66 | 6.39 | 6.22 | |
7.25 | 19.92 | 11.75 | 9.13 | 7.91 | 7.23 | 6.83 | 6.57 | 6.40 | |
7.50 | 20.04 | 11.88 | 9.28 | 8.06 | 7.39 | 7.00 | 6.75 | 6.59 | |
7.75 | 20.16 | 12.01 | 9.42 | 8.21 | 7.56 | 7.17 | 6.93 | 6.77 | |
8.00 | 20.28 | 12.14 | 9.56 | 8.37 | 7.72 | 7.34 | 7.11 | 6.96 | |
8.25 | 20.40 | 12.27 | 9.71 | 8.53 | 7.89 | 7.52 | 7.29 | 7.15 | |
8.50 | 20.52 | 12.40 | 9.85 | 8.68 | 8.06 | 7.69 | 7.47 | 7.34 | |
8.75 | 20.64 | 12.54 | 10.00 | 8.84 | 8.23 | 7.87 | 7.66 | 7.53 | |
9.00 | 20.76 | 12.67 | 10.15 | 9.00 | 8.40 | 8.05 | 7.84 | 7.72 | |
9.25 | 20.88 | 12.81 | 10.30 | 9.16 | 8.57 | 8.23 | 8.03 | 7.91 | |
9.50 | 21.01 | 12.94 | 10.45 | 9.33 | 8.74 | 8.41 | 8.22 | 8.11 | |
9.75 | 21.13 | 13.08 | 10.60 | 9.49 | 8.92 | 8.60 | 8.41 | 8.30 | |
10.00 | 21.25 | 13.22 | 10.75 | 9.66 | 9.09 | 8.78 | 8.60 | 8.50 | |
10.25 | 21.38 | 13.36 | 10.90 | 9.82 | 9.27 | 8.97 | 8.79 | 8.69 | |
10.50 | 21.50 | 13.50 | 11.06 | 9.99 | 9.45 | 9.15 | 8.99 | 8.89 | |
10.75 | 21.62 | 13.64 | 11.21 | 10.16 | 9.63 | 9.34 | 9.18 | 9.09 | |
11.00 | 21.75 | 13.78 | 11.37 | 10.33 | 9.81 | 9.53 | 9.37 | 9.29 | |
11.25 | 21.87 | 13.92 | 11.53 | 10.50 | 9.99 | 9.72 | 9.57 | 9.49 | |
11.50 | 22.00 | 14.06 | 11.69 | 10.67 | 10.17 | 9.91 | 9.77 | 9.69 | |
11.75 | 22.12 | 14.21 | 11.85 | 10.84 | 10.35 | 10.10 | 9.96 | 9.89 | |
12.00 | 22.25 | 14.35 | 12.01 | 11.02 | 10.54 | 10.29 | 10.16 | 10.09 | |
12.25 | 22.38 | 14.50 | 12.17 | 11.19 | 10.72 | 10.48 | 10.36 | 10.29 | |
12.50 | 22.50 | 14.64 | 12.33 | 11.37 | 10.91 | 10.68 | 10.56 | 10.49 | |
12.75 | 22.63 | 14.79 | 12.49 | 11.54 | 11.10 | 10.87 | 10.76 | 10.70 | |
13.00 | 22.76 | 14.94 | 12.66 | 11.72 | 11.28 | 11.07 | 10.96 | 10.90 |
Term Number
Amount | Interest | of Loan | of $1,000s | Table | Monthly | ||||
Financed | Rate | (years) | Financed | Factor | Payment Total Interest | ||||
$164,900 | 4.50% | 25 | |||||||
To calculate: The number of 1000’s financed, to estimate the table factor from the table, to calculate the monthly payment and total interest.
Amount Financed |
Interest Rate |
Term of loan (years) |
Number of $1,000s Financed |
Total Factor |
Monthly Payment |
Total Interest |
______ |
_______ |
_______ |
______ |
Given Information:
The provided amount of financed is
Formula used:
The following step are used to find the monthly mortgage payment by using an amortization table:
Step-1 Find the number of
Step-2 Using Table 14-1, locate the table factor, monthly payment per
Step-3 Calculate the monthly payment.
The total interest of the loan.
Calculation:
The amount of monthly payment is
Now calculate the number of
Substitute,
The number of
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