Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the following questions. (Round your answers to the nearest cent.) Amount ofMortgage ($) InterestRate (%) MonthlyPayment ($) 100,000 3 421.60 100,000 4 100,000 5 100,000 6 100,000 7 100,000 8 733.76 (a) What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%/year? $ (b) Use the table to calculate the monthly mortgage payments on a $170,000 mortgage at 4%/year over 30 years. $ Use the table to calculate the monthly mortgage payments on a $40,000 mortgage at 4%/year over 30 years.
Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the following questions. (Round your answers to the nearest cent.)
Amount of
Mortgage ($)
Interest
Rate (%)
Monthly
Payment ($)
100,000
3
421.60
100,000
4
100,000
5
100,000
6
100,000
7
100,000
8
733.76
(a)
What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%/year?
$
(b)
Use the table to calculate the monthly mortgage payments on a $170,000 mortgage at 4%/year over 30 years.
$
Use the table to calculate the monthly mortgage payments on a $40,000 mortgage at 4%/year over 30 years.
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