Amortization table (mortgage principal and interest per $1,000)Rate2.0002.1252.2502.3752.5002.6252.7502.8753.0003.1253.2503.3753.5003.6253.7503.8754.0004.1254.2504.3754.5004.6254.7504.8755.0005.1255.2505.3755.5005.6255.7505.8756.0006.1256.2506.3756.5006.6256.7506.875InterestOnly0.166670.177080.187500.197920.208330.218750.229170.239580.250000.260420.270830.281250.291670.302080.312500.322920.333330.343750.354170.364580.375000.385420.395830.406250.416670.427080.437500.447920.458330.468750.479170.489580.500000.510420.520830.531250.541670.552080.562500.5729210 Year9.201359.257439.313749.370269.426999.483949.541109.598489.656079.713889.771909.830149.888599.9472510.0061210.0652110.1245110.1840310.2437510.3036910.3638410.4242010.4847710.5455610.6065510.6677610.7291710.7907910.8526310.9146710.9769211.0393811.1020511.1649311.2280111.2913011.3548011.4185011.4824111.5465315 Year6.435096.492816.550856.609216.667896.726896.786226.845866.905826.966097.026697.087607.148837.210377.272227.334407.396887.459687.522787.586207.649937.713977.778327.842977.907947.973208.038788.104658.170838.237328.304108.371188.438578.506258.574238.642508.711078.779948.849098.9185420 Year5.058835.118255.178085.238345.299035.360145.421665.483615.545985.608765.671965.735575.799605.864045.928885.994146.059806.125876.192346.259226.326496.394176.462246.530706.599566.668816.738446.808476.878876.949667.020847.092387.164317.236617.309287.382327.455737.529507.603647.6781425 Year4.238544.299664.361314.423484.486174.549384.613114.677354.742114.807384.873164.939455.006245.073525.141315.209595.278375.347635.417385.487615.558325.629515.701175.773305.845905.918965.992486.066456.140876.215756.291066.366826.443016.519646.596696.674176.752076.830396.909126.9882530 Year3.696193.759023.822463.886533.951214.016514.082414.148924.216044.283754.352064.420964.490454.560514.631164.702374.774154.846504.919404.992855.066855.141405.216475.292085.368225.444875.522045.599715.677895.756565.835735.915385.995516.076116.157176.238706.320686.403116.485986.5692940 Year3.028263.094443.161423.229213.297783.367143.437283.508183.579843.652263.725413.799303.873913.949234.025264.101984.179384.257464.336204.415594.495634.576294.657584.739474.821974.905054.988705.072935.157705.243025.328885.415255.502145.589525.677405.765755.854575.943856.033576.12373 Complete the following amortization chart by using Table 15.1.Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent.Selling price ofhomeDown payment192,000 $60,000Principal(loan)Rate ofinterest6.5 %Years40Payment per$1,000Monthlymortgagepayment

Solution: Loan amount = Selling price of home - Down payment Monthly mortgage payment = Payment per…

Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home $ Down payment 192,000 $ 60,000 Principal (loan) Rate of interest 6.5 % Years 40 Payment per $1,000 Monthly mortgage payment

Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home $ Down payment 192,000 $ 60,000 Principal (loan) Rate of interest 6.5 % Years 40 Payment per $1,000 Monthly mortgage payment

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the monthly payments for each of the following $119,600 mortgage loans. Assume no prepayments. a. 30-year fixed at 7.25 percent b. 15-year fixed at 6.25 percent c. 20-year fixed at 6.75 percent Note: Round intermediate computations to at least five (5) decimal places. Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table: a. The monthly payment, PMT, on the 30-year loan is $ (Round to the nearest cent.)
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $162,300 5.25% 15 $ $ $
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A couple that borrows $300,000 at an APR of 4.8% compounded monthly on a 30- year mortgage has a monthly payment amount of $1574. (a) Fill in the missing entries for the first two payments of the amortization schedule. Balance Reduction Pmt # 0 1 2 Payment. $1574 $1574 Interest Unpaid Balance $300,000 (b) Approximately how much interest is paid during the first year? Hint: This can be done without making an amortization schedule. (c) After making their payments for ten years, they refinance the loan at an APR of 3.6% compounded monthly for 15 years, with a refinance charge of $2,000 included in the amount refinanced. Find the new monthly payment. (d) Find the amount saved by refinancing.
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Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) Number Table Monthly Payment (in $) Term Total Amount Interest of Loan (years) of $1,000s Financed Factor Interest Financed Rate (in $) (in $) $165,300 5.25% 15 %24 %24 %24
Suppose you take out a $185,500 mortgage for 30 years at 5.15% interest. (a) Find the monthly payment on this mortgage. S (b) Fill out the first two rows of the amortization schedule below. Round your answers to the nearest dollar. Payment Number Interest Payment Principal Payment Balance of Loan 1 2 Question Help: D Video M Message instructor D Post to forum
Make an amortization table to show the first two payments for the mortgage. Amount of Annual interest rate Years in mortgage Monthly payment mortgage $402,593 5.00% 35 S2031.84 Monthly End-of-month Month Interest Principal payment principal 1 $2031.84 2 $2031.84 (Round to the nearest cent as needed.)
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