As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) Amount Interest Financed Rate $121,700 6.75% Term of Loan (years) 15 $ Monthly PI Annual Property Tax $2,340 Annual Insurance $1,355 $ Monthly PITI
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) Amount Interest Financed Rate $121,700 6.75% Term of Loan (years) 15 $ Monthly PI Annual Property Tax $2,340 Annual Insurance $1,355 $ Monthly PITI
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:05:59
Done
Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed
Monthly Payments
(Necessary to amortize a loan of $1,000)
Interest
Rate (%)
3.50
3.75
B
4.00
4.25
4.50
4.75
5.00
arve
5.25
5.50
5.75
6.00
serve
6.25
6.50
6.75
De
7:00
7.00
7.25
7.50
7.75
8.00
9:00
8.25
0.40
8.50
8.75
9.00
9.25
3:40
9.50
OTE
9.75
10.00
10:00
10.25
10.25
10.50
10.30
10.75
200
11.00
11.00
11.25
11.50
11.75
12.00
12.25
12.50
12.75
13.00
5
Years
18.19
18.30
18.42
care
18.53
SCOO
18.64
18.76
18.87
10.07
18.99
19.10
19.22
19.33
23:33
19.45
**
19.57
10.60
19.68
carve
19.80
19.60
19.92
20:34
20.04
2016
20.16
20.28
20:40
20.40
20:10
20.52
20
20.64
20.76
20.70
20.88
20.00
21.00
21.12
21.25
21.29
21.37
41:37
21.49
21.49
21.62
21.02
21.14
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
20:14
10.24
10.36
10.48
10.61
10.73
10.85
10.98
11.10
21.40
11.23
11.35
OOOO
11.48
11.61
11.01
11.74
11.87
12.00
12.00
12.13
12:13
12.27
4:47
12.40
12.53
12.67
12:07
12.80
£4.00
12.94
13.08
13.22
29.44
13.35
19.93
13.49
....
13.63
23:00
13.78
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
www
8.57
8.71
8.85
10:09
8.99
0:33
9.13
19
9.27
0.41
9.41
9.56
3:30
9.70
3:70
9.85
0.00
9.99
10.14
20:27
10.29
20:43
10.44
10.59
curve
10.75
10.75
10.90
10:30
11.05
11:09
11.21
11.37
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
10:00
6.19
6.33
6.46
6.60
6.74
6.88
7.02
7.02
7.16
7:40
7.31
20
7.46
7:40
7.6
7.75
7.75
7.90
7:30
8.06
ON
8.21
8.36
19:30
8.52
19:34
8.68
www
8.84
9.00
3:00
9.16
3:40
9.32
De
9.49
De
9.65
3:09
9.82
3:02
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
0:17
6.60
www
6.75
6.91
7.07
7.23
7:29
7.39
7.66
7.55
4:12
7.72
7.88
8.05
8.22
8.39
0:39
8.56
9:30
8.74
8.91
9.09
9.09
9.26
3:20
9.44
3:47
9.62
9.80
9.80
9.90
10.16
10.35
10.53
10.72
10.9
11.09
11.28
30
Years
4.49
4.63
4.77
www
4.92
5.07
5.22
Like
5.37
3:37
5.52
5.68
5.84
6.00
0:00
6.16
1000
6.32
6.49
Be
6.65
0.05
6.82
0.02
6.99
716
7.16
7.34
7:34
7.51
7:31
7.69
7.87
con
8.05
6.05
8.23
0.23
8.41
8.59
8.78
9.70
8.96
0:30
9.15
2.22
9.33
3:39
9.52
9.52
9.71
9.71
9.90
10.09
10.29
10.48
10.67
10.87
11.06
35
Years
4.13
4.28
4.43
we
4.58
www
4.73
4.89
neg
5.05
5.21
5.37
CA
5.54
Drag
5.70
3.70
5.87
6.04
6.21
SE
6.39
0.39
6.56
0.30
6.74
5.02
6.92
7.10
7:10
7.28
7:40
7.47
7.65
7.84
7.04
8.03
9:09
8.22
8.41
LONTE
8.60
0:00
8.79
0.79
8.98
0:30
9.18
3:10
9.37
9.37
9.56
9.76
9.96
10.16
10.35
all?
10.55
10.75
10.95
40
Years
3.87
4.03
4.18
NED
4.34
4.50
4.66
4.82
4.99
5.16
5.33
5.50
13:30
5.68
www
5.85
6.03
-
6.21
0.21
6.40
10:10
6.58
6.77
6.77
7
6.95
9:33
7.14
77
7.33
B
7.52
7.71
*
7.91
24
8.10
8.30
8.49
0:43
8.69
0:03
8.89
9.08
9.28
9.20
9.48
9.68
9.88
10.08
10.29
10.49
10.69
10.90
Transcribed Image Text:As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the
monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)
Amount Interest
Financed
Rate
$121,700 6.75%
Term
of Loan
(years)
15
Monthly
PI
Annual
Property
Tax
$2,340
Annual
Insurance
$1,355
$
Monthly
PITI
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