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) 40 Years Interest Rate (%) 5 Years 10 Years 15 Years 20 Years 25 Years 30 Years 35 Years 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

BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447

Solutions

Chapter
Section
Chapter 14.I, Problem 3RE
Textbook Problem

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

Expert Solution

Want to see the full answer?

Check out a sample textbook solution.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 14 Solutions

Contemporary Mathematics for Business & Consumers
Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - 8. Marc Bove purchased a home with a $78,500...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - Ben and Mal Scott plan to buy a home for $272,900....Ch. 14.I - 16. Michael Sanchez purchased a condominium for...Ch. 14.I - 17. Luis Schambach is shopping for a 15-year...Ch. 14.I - 18. Phil Pittman is interested in a fixed-rate...Ch. 14.I - 19. Larry and Cindy Lynden purchased a townhome in...Ch. 14.I - Heather Gott bought a home with an adjustable-rate...Ch. 14.I - Joe and Gloria Moutran art purchasing a house in...Ch. 14.I - 22. You are a real estate broker for Aurora...Ch. 14.II - Justin Schaefer owns a home that was recently...Ch. 14.II - Roman Bass cams a gross income of $3,100 per...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Use Exhibit 14-4, Lending Ratio Guidelines, on...Ch. 14.II - 16. Ronald and Samantha Brady recently had their...Ch. 14.II - 17. The Barclays own a home that was recently...Ch. 14.II - Ransford and Alda Mariano own a home recently...Ch. 14.II - Michelle Heaster is thinking about building an...Ch. 14.II - Jamie and Alice Newmark have a combined monthly...Ch. 14.II - You are a mortgage broker at Interamerican Bank....Ch. 14.II - According to moncy.CNN.com. with mortguge rates...Ch. 14 - 1. Land, including permanent improvements on that...Ch. 14 - A(n) ___________ is a loan in which real property...Ch. 14 - Mortgage ___________ points are an extra charge...Ch. 14 - 4. A chart that shows the month-by-month breakdown...Ch. 14 - 5. A(n) ___________ account is a bank account used...Ch. 14 - Today most mortgage payments include four parts,...Ch. 14 - The final step in a real estate transaction is a...Ch. 14 - 8. The official document representing the right of...Ch. 14 - 9. List four mortgage loan closing costs. (14-4) Ch. 14 - A mortgage in which the interest rate changes...Ch. 14 - A home equity ___________ is a lump-sum second...Ch. 14 - A home equity ___________ of credit is a revolving...Ch. 14 - 13. Write the formula for the housing expense...Ch. 14 - Write the formula for the total obligations ratio....Ch. 14 - You are one of the branch managers of the Insignia...Ch. 14 - You are one of the branch managers of the Insignia...Ch. 14 - Suzanne Arthurs purchased a home with a $146,100...Ch. 14 - Use Table 14-1 to calculate the monthly principal...Ch. 14 - Use Table 14-1 to calculate the monthly principal...Ch. 14 - For the following second mortgage applications,...Ch. 14 - For the following second mortgage applications,...Ch. 14 - For the following second mortgage applications,...Ch. 14 - For the following mortgage applications, calculate...Ch. 14 - For the following mortgage applications, calculate...Ch. 14 - 11. As a loan officer using the Lending Ratio...Ch. 14 - 12. Dale Evans bought the Lazy D Ranch with an...Ch. 14 - 13. Diversified Investments purchased a 24-unit...Ch. 14 - Larry Mager purchased a ski lodge in Telluride for...Ch. 14 - 15. A Denny’s Restaurant franchisee is looking for...Ch. 14 - 16. How much more total interest will be paid on a...Ch. 14 - Adam Marsh is purchasing a $134,000 condominium...Ch. 14 - 18. Martin Ellingham is negotiating to buy a...Ch. 14 - 19. The Randolphs own a home that recently...Ch. 14 - 20. Jonathan and Kimberly Schwartz live in a home...Ch. 14 - 21. Phil Armstrong earns a gross income of $5,355...Ch. 14 - 22. Magda Leon is applying for a home mortgage...

Additional Math Textbook Solutions

Find more solutions based on key concepts
The second partial derivative ∂2∂x2f(x,y) at the point (−1,4) of the function f(x,y)=2xx2+y2.

Mathematical Applications for the Management, Life, and Social Sciences

Factor completely: a. 12x3 10x2 12x b. 2bx 2by + 3cx 3cy

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Given n(L) = 780, n(M) = 240, and n(L ∩ M) 50, find n(L U M).

Mathematical Excursions (MindTap Course List)

Finding the Area of a Region In Exercises 35-38, find the area of the given region. y=cosx

Calculus: Early Transcendental Functions (MindTap Course List)

Sometimes, Always, or Never: If f(c) = 0, then c is a critical number.

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

SKILL BUILDING EXERCISES Finding Logistic Parameters: In Exercises S-8 through S-21, you are asked to find the ...

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

Landscaping Labor Costs. Joan’s Nursery specializes in custom-designed landscaping for residential areas. The e...

Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)

Answer Problems 112 without referring back to the text. Fill in the blanks or answer true or false. 5. An examp...

A First Course in Differential Equations with Modeling Applications (MindTap Course List)