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.) (table is attached) Amount Financed = 220,000 Interest Rate = 3.50% Term of Loan (years) = 25 Annual Property Tax = 6,513 Annual Insurance = 2,186 Solve for the following: Monthly PI and 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.) (table is attached) Amount Financed = 220,000 Interest Rate = 3.50% Term of Loan (years) = 25 Annual Property Tax = 6,513 Annual Insurance = 2,186 Solve for the following: Monthly PI and Monthly PITI
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
100%
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.)
(table is attached)
Amount Financed = 220,000
Interest Rate = 3.50%
Term of Loan (years) = 25
Annual Property Tax = 6,513
Annual Insurance = 2,186
Solve for the following:
Monthly PI
and
Monthly PITI
Transcribed Image Text: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 (%) Years
3.50
5
10
15
20
25
30
35
40
Years
3.87
4.03
4.18
4.34
4.50
4.66
Years
Years
7.15
Years
Years
5.01
5.14
Years
18.19
18.30
Years
4.13
4.28
9.89
5.80
5.93
4.49
4.63
3.75
4.00
4.25
10.01
10.12
10.24
7.27
18.42
18.53
7.40
7.52
6.06
6.19
5.28
5.42
4.77
4.92
4.43
4.58
4.50
18.64
10.36
7.65
6.33
5.56
5.07
4.73
6.46
6.60
6.74
4.75
18.76
10.48
7.78
7.91
5.70
5.22
5.37
5.52
4.89
5.00
5.25
18.87
18.99
10.61
10.73
5.85
5.05
4.82
4.99
5.16
5.33
8.04
5.99
6.14
5.21
5.37
5.50
5.75
19.10
10.85
8.17
6.88
5.68
19.22
10.98
11.10
8.30
7.02
6.29
5.84
5.54
5.70
5.87
6.04
6.21
6.39
6.56
6.74
6.00
б.25
6.50
19.33
19.45
19.57
8.44
8.57
7.16
7.31
7.46
6.44
6.00
5.50
5.68
5.85
11.23
11.35
11.48
11.61
11.74
11.87
6.60
6.75
6.91
7.07
7.23
7.39
6.16
6.32
8.71
8.85
6.75
19.68
19.80
19.92
20.04
7.6
7.75
7.90
8.06
8.21
8.36
6.49
6.03
7.00
7.25
7.50
8.99
9.13
9.27
6.99
7.16
7.34
6.65
6.82
6.21
6.40
6.58
6.77
6.95
6.92
7.10
7.28
7.47
7.65
7.75
8.00
20.16
12.00
12.13
9.41
9.56
7.55
7.72
8.25
8.50
8.75
20.28
20.40
20.52
20.64
12.27
12.40
9.70
9.85
9.99
8.52
8.68
8.84
7.88
8.05
8.22
7.51
7.69
7.87
7.14
7.33
7.52
9.00
9.25
9.50
9.75
10.00
10.25
20.76
20.88
21.00
12.53
12.67
12.80
12.94
13.08
10.14
9.00
8.39
8.05
7.84
7.71
10.29
10.44
10.59
9.16
9.32
8.56
8.74
8.23
8.41
8.03
8.22
7.91
8.10
8.30
8.91
9.09
9.26
9.44
8.59
8.78
8.96
21.12
9.49
8.41
8.60
21.25
13.22
10.75
10.90
9.65
9.82
8.49
8.69
13.35
13.49
21.37
21.49
21.62
21.74
21.87
21.99
22.12
22.24
22.37
22.50
8.79
8.98
11.05
11.21
10.50
9.98
10.15
9.15
8.89
10.75
11.00
13.63
9.62
9.80
9.98
10.16
9.33
9.18
13.78
13.92
9.08
9.28
9.48
11.37
10.32
10.49
9.52
9.71
9.37
11.52
11.25
11.50
11.75
12.00
12.25
12.50
9.56
9.76
9.96
14.06
14.20
14.35
14.49
14.64
9.90
10.09
10.29
10.48
10.67
9.68
9.88
10.08
10.29
10.49
11.68
10.66
11.84
12.00
12.16
12.33
10.84
11.01
11.19
11.36
10.35
10.53
10.72
10.9
10.16
10.35
10.55
12.75
13.00
22.63
14.78
14.93
12.49
11.54
11.72
11.09
11.28
10.87
11.06
10.75
10.95
10.69
10.90
22.75
12.65
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 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education