*13.4.7 Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Use either the regular monthly payment formula or the given table Loan Amount Interest Rate $85,000 Term Real Estate Amortization Table 6% 20 years E Click the icon to view the Real Estate Amortization Table. Monthly payments to Repay Principal and Interest on a ST000 mortgage The monthly payment is $ (Round to the nearest cent as needed.) Term of Mortgage (years) Annual rate 5. 10 15 20 25 30 40 3.0% 17.96869 9.65607 6.90582 5.54598 4.74211 4.21604 3.57984 3.5% 18.19174 9.88859 7.14883 5.79960 5.00624 4.49045 3.87391 4.0% 18.41652 10.12451 7.39688 6.05980 5.27837 4.77415 4.17938 4.5% 18.64302 10.36384 7.64993 6.32649 5.55832 5.06685 4.49563 5.0% 18.87123 10.60655 7.90794 6.59956 5.84590 5.36822 4.82197 5.5% 19.10116 10.85263 8.17083 6.87887 6.14087 5.67789 5.15770 6.0% 19.33280 11.10205 8.43857 7.16431 6.44301 5.99551 5.50214 6.5% 19.56615 11.35480 8.71107 7.45573 6.75207 6.32068 5.85457 7.0% 19.80120 11.61085 8.98828 7.75299 7.06779 6.65302 6.21431 7.5% 20.03795 11.87018 9.27012 8.05593 7.38991 6.99215 6.58071 8.0% 20.27639 12.13276 9.55652 8.36440 7.71816 7.33765 6.95312 8.5% 20.51653 12.39857 9.84740 8.67823 8.05227 7.68913 7.33094 9.0% 20.75836 12.66758 10.14267 8.99726 8.39196 8.04623 7.71361 9.5% 21.00186 12.93976 10.44225 9.32131 8.73697 8.40854 8.10062 10.0% 21.24704 13.21507 10.74605 9.65022 9.08701 877572 8.49146
*13.4.7 Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Use either the regular monthly payment formula or the given table Loan Amount Interest Rate $85,000 Term Real Estate Amortization Table 6% 20 years E Click the icon to view the Real Estate Amortization Table. Monthly payments to Repay Principal and Interest on a ST000 mortgage The monthly payment is $ (Round to the nearest cent as needed.) Term of Mortgage (years) Annual rate 5. 10 15 20 25 30 40 3.0% 17.96869 9.65607 6.90582 5.54598 4.74211 4.21604 3.57984 3.5% 18.19174 9.88859 7.14883 5.79960 5.00624 4.49045 3.87391 4.0% 18.41652 10.12451 7.39688 6.05980 5.27837 4.77415 4.17938 4.5% 18.64302 10.36384 7.64993 6.32649 5.55832 5.06685 4.49563 5.0% 18.87123 10.60655 7.90794 6.59956 5.84590 5.36822 4.82197 5.5% 19.10116 10.85263 8.17083 6.87887 6.14087 5.67789 5.15770 6.0% 19.33280 11.10205 8.43857 7.16431 6.44301 5.99551 5.50214 6.5% 19.56615 11.35480 8.71107 7.45573 6.75207 6.32068 5.85457 7.0% 19.80120 11.61085 8.98828 7.75299 7.06779 6.65302 6.21431 7.5% 20.03795 11.87018 9.27012 8.05593 7.38991 6.99215 6.58071 8.0% 20.27639 12.13276 9.55652 8.36440 7.71816 7.33765 6.95312 8.5% 20.51653 12.39857 9.84740 8.67823 8.05227 7.68913 7.33094 9.0% 20.75836 12.66758 10.14267 8.99726 8.39196 8.04623 7.71361 9.5% 21.00186 12.93976 10.44225 9.32131 8.73697 8.40854 8.10062 10.0% 21.24704 13.21507 10.74605 9.65022 9.08701 877572 8.49146
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN:9781337117005
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
Related questions
Question
Transcribed Image Text:*13.4.7
Find the monthly payment needed to amortize principal and interest for the fixed-rate mortgage. Use either the regular monthly payment formula or the given table
Loan Amount Interest Rate
$85,000
Term
Real Estate Amortization Table
6%
20 years
E Click the icon to view the Real Estate Amortization Table.
Monthly payments to Repay Principal and Interest on a ST000 mortgage
The monthly payment is $
(Round to the nearest cent as needed.)
Term of Mortgage (years)
Annual
rate
5.
10
15
20
25
30
40
3.0%
17.96869
9.65607
6.90582
5.54598
4.74211
4.21604
3.57984
3.5%
18.19174
9.88859
7.14883
5.79960
5.00624
4.49045
3.87391
4.0%
18.41652
10.12451
7.39688
6.05980
5.27837
4.77415
4.17938
4.5%
18.64302
10.36384
7.64993
6.32649
5.55832
5.06685
4.49563
5.0%
18.87123
10.60655
7.90794
6.59956
5.84590
5.36822
4.82197
5.5%
19.10116
10.85263
8.17083
6.87887
6.14087
5.67789
5.15770
6.0%
19.33280
11.10205
8.43857
7.16431
6.44301
5.99551
5.50214
6.5%
19.56615
11.35480
8.71107
7.45573
6.75207
6.32068
5.85457
7.0%
19.80120
11.61085
8.98828
7.75299
7.06779
6.65302
6.21431
7.5%
20.03795
11.87018
9.27012
8.05593
7.38991
6.99215
6.58071
8.0%
20.27639
12.13276
9.55652
8.36440
7.71816
7.33765
6.95312
8.5%
20.51653
12.39857
9.84740
8.67823
8.05227
7.68913
7.33094
9.0%
20.75836
12.66758
10.14267
8.99726
8.39196
8.04623
7.71361
9.5%
21.00186
12.93976
10.44225
9.32131
8.73697
8.40854
8.10062
10.0%
21.24704
13.21507
10.74605
9.65022
9.08701
877572
8.49146
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
PFIN (with PFIN Online, 1 term (6 months) Printed…
Finance
ISBN:
9781337117005
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
PFIN (with PFIN Online, 1 term (6 months) Printed…
Finance
ISBN:
9781337117005
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning