EASE 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
EASE 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
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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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 | 9.73 | 10.08 |
| 25 | 5.01 | 5.85 | 6.15 | 6.45 | 6.76 | 7.07 | 7.39 | 7.72 | 8.06 | 8.40 | 8.74 | 9.09 | 9.45 | 9.81 |
| 30 | 4.50 | 5.37 | 5.68 | 6.00 | 6.33 | 6.66 | 7.00 | 7.34 | 7.69 | 8.05 | 8.41 | 8.78 | 9.15 | 9.53 |
| 35 | 3.99 | 5.05 | 5.38 | 5.71 | 6.05 | 6.39 | 6.75 | 7.11 | 7.47 | 7.84 | 8.22 | 8.60 | 8.99 | 9.37 |
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