Determine the monthly principal and interest payment for a 20-year mortgage when the amountfinanced is $285,000 and the annual percentage rate (APR) is 4.0%.The monthly principal and interest payment is(Round to the nearest cent as needed.). Monthly Principal and Interest Payment per $1000 of MortgageNumber of Years201015$10.12451 $7.39688 $6.05980$10.36384 $7.64993$10.60555 $7.90794$10.85263 $8.17083$11.10205 $8.43857Rate %4.04.55.05.56.06.57.07.58.08.59.09.525$5.27837$6.32649 $5.55832$6.59956 $5.84590$6.87887 $6.14087$7.16431 $6.44301$6.75207$11.35480 $8.71107 $7.45573$11.61085 $8.98828$11.87018 $9.27012$12.13276 $9.55652$12.39857 $9.84740$7.75299 $7.06779$8.05593 $7.38991$8.36440 $7.71816$8.67823 $8.05227$12.66758 $10.14267 $8.99726 $8.39196$12.93976 $10.44225 $9.32131$8.7369730$4.77415$5.06685$5.36822$5.67789$5.99551$6.32068$6.65302$6.99215$7.33765$7.68913$8.04623$8.40854

Annual % rate ( APR) = 4.0%Time = 20Yeras As per the table monthly principal and interest payment…

Answered: Determine the monthly principal and…

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

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Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $285,000 and the annual percentage rate (APR) is 4.0%. The monthly principal and interest payment is $ (Round to the nearest cent as needed.)