**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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