**Mortgage Calculation Table**The table below is designed to assist in calculating mortgage-related costs. Follow the instructions carefully to complete it. Use the given table reference for accurate values.| Selling Price | Down Payment | Amount Mortgage | Rate | Years | Monthly Payment | First Payment Broken Down Into | Balance at End of Month ||---------------|--------------|-----------------|------|-------|-----------------|--------------------------------|-------------------------|| $131,000 | $5,000 | | 7.00%| 30 | | Interest | Principal | |**Instructions:**1. **Calculate the Amount Mortgage**: Subtract the down payment from the selling price.2. **Determine Monthly Payment**: Use the mortgage amount, interest rate, and term to figure out the monthly payment.3. **Break Down the First Payment**: - **Interest**: Calculate the interest of the first payment based on the mortgage balance and rate. - **Principal**: Subtract the interest from the total monthly payment to find the principal portion.4. **Calculate Balance at End of Month**: Subtract the principal from the mortgage amount to find the new balance.**Note**: Round all intermediate calculations and final answers to the nearest cent. ## Amortization Table (Mortgage Principal and Interest per $1,000)Below is an amortization table detailing the monthly mortgage payments for different interest rates over various loan terms. The table shows the payments needed for terms ranging from interest-only to 40-year loans.### Table Columns:- **Rate:** Annual interest rate in percentage.- **Interest Only:** Monthly payment for interest-only loans.- **10 Year, 15 Year, ... 40 Year:** Monthly payment amount when amortized over these terms.### Table Summary:1. **2.000% Rate:** - **Interest Only:** $0.16667 - **10 Year:** $9.20135 - **15 Year:** $6.43509 - **20 Year:** $5.08583 - **25 Year:** $4.23854 - **30 Year:** $3.69619 - **40 Year:** $3.028262. **3.000% Rate:** - **Interest Only:** $0.25000 - **10 Year:** $9.65607 - **15 Year:** $6.90582 - **20 Year:** $5.54598 - **25 Year:** $4.74211 - **30 Year:** $4.21604 - **40 Year:** $3.579843. **4.000% Rate:** - **Interest Only:** $0.33333 - **10 Year:** $10.12451 - **15 Year:** $7.39688 - **20 Year:** $6.05980 - **25 Year:** $5.27837 - **30 Year:** $4.77415 - **40 Year:** $4.17938 4. **5.000% Rate:** - **Interest Only:** $0.41667 - **10 Year:** $10.60655 - **15 Year:** $7.90794 - **20 Year:** $6.59956 - **25 Year:** $5.84590 - **30 Year:** $5.36822 - **40 Year:** $4.821975. **6.000% Rate:** - **Interest Only:**

Solution: Mortgage amount= Selling price - Down payment Monthly mortgage payment = Payment per…

Complete the following table: (Use Table 15.1) Note: Round your intermediate calculations and final answer to the nearest cent. Selling price Down payment Amount mortgage $ 131,000 $ 5,000 Rate Years Monthly payment 7.00 % 30 First Payment Broken Down Into Interest Principal Balance at end of month

Complete the following table: (Use Table 15.1) Note: Round your intermediate calculations and final answer to the nearest cent. Selling price Down payment Amount mortgage $ 131,000 $ 5,000 Rate Years Monthly payment 7.00 % 30 First Payment Broken Down Into Interest Principal Balance at end of month

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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Complete the following from the first three lines of an amortization schedule for the following loan:You borrow $ 165000 with an annual interest rate of 7.5% over 15 years Starting principal = $ 165000New balance after month 1 payment = New balance after month 2 payment = New balance after month 3 payment =
PLEASE DO NOT ROUND THE ANSWERS Selling Price of Home Down Payment Rate of Interest Years $ 160,000.00 $ 20,000.00 3.50% 30 Required: Please use the above information to answer the below questions: (Use Table 15-1) How many total payments on this mortgage? What is the principal (loan)? What is the payment per $1,000? What is the monthly mortgage payment? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Term in Years INTEREST 3½% 5% 5½% 6% 6½% 7% 7½% 8% 8½% 9% 9½% 10% 10½% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 9.51 9.76 10.02 10.29 10.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39…
Complete the following table: (Use Table 15.1.) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Selling price down payment amount mortgage rate years Monthly paymeny First payment broken down to interest first payment broken down to principal Balance at end of month $236,000 $47,200 7.00% 15 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892…
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