Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at 5 1/4 for 20 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.) Monthly payment = $ Total interest = $
Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at 5 1/4 for 20 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.) Monthly payment = $ Total interest = $
Algebra and Trigonometry (6th Edition)
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ChapterP: Prerequisites: Fundamental Concepts Of Algebra
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Question
Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at
5 1/4 for 20 years. Use this table and give the total interest as your answer. (Round your answers to the nearest cent.)
Monthly payment = $
Total interest = $
Transcribed Image Text:Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed
Monthly Payments
(Necessary to amortize a loan of $1,000)
Interest
Rate (%) Years
3.50
3.75
5
10
15
20
25
30
35
40
Years
Years
Years
Years
Years
Years
Years
18.19
9.89
7.15
5.80
5.01
4.49
4.13
3.87
5.93
18.30
18.42
18.53
10.01
10.12
10.24
7.27
5.14
4.63
4.28
4.03
4.00
7.40
6.06
5.28
4.77
4.43
4.18
6.19
6.33
6.46
6.60
6.74
4.25
7.52
5.42
4.92
4.58
4.34
4.50
18.64
10.36
7.65
5.56
5.70
5.07
4.73
4.50
4.75
5.00
18.76
18.87
10.48
7.78
5.22
4.89
4.66
10.61
7.91
5.85
5.37
5.05
4.82
5.25
18.99
10.73
10.85
8.04
5.99
5.52
5.21
4.99
5.50
19.10
8.17
6.88
6.14
5.68
5.37
5.16
5.75
6.00
19.22
10.98
11.10
11.23
8.30
7.02
6.29
5.84
5.54
5.33
19.33
8.44
7.16
6.44
6.00
5.70
5.50
19.45
6.60
6.75
6.91
6.25
8.57
7.31
6.16
5.87
5.68
19.57
19.68
8.71
8.85
6.50
11.35
7.46
6.32
6.04
5.85
6.75
11.48
7.6
7.75
7.90
6.49
6.21
6.03
7.00
19.80
11.61
8.99
7.07
6.65
6.39
6.21
19.92
20.04
20.16
7.23
6.40
6.58
6.77
7.25
11.74
9.13
6.82
6.56
7.50
11.87
9.27
8.06
7.39
7.55
6.99
6.74
7.75
12.00
12.13
12.27
12.40
9.41
8.21
8.36
7.16
6.92
8.00
8.25
20.28
9.56
7.72
7.34
7.10
6.95
20.40
9.70
8.52
7.88
7.51
7.28
7.14
8.50
20.52
9.85
8.68
8.05
7.69
7.47
7.33
7.65
7.84
8.03
8.22
8.75
20.64
20.76
12.53
12.67
12.80
9.99
8.84
8.22
7.87
7.52
9.00
10.14
9.00
8.39
8.05
7.71
9.25
20.88
10.29
9.16
8.56
8.23
7.91
9.50
21.00
12.94
10.44
9.32
8.74
8.41
8.10
9.75
21.12
13.08
10.59
9.49
8.91
8.59
8.41
8.30
10.00
10.25
10.50
10.75
9.65
9.82
9.98
21.25
13.22
10.75
9.09
8.78
8.60
8.49
21.37
13.35
10.90
9.26
9.44
8.96
8.79
8.69
8.89
21.49
13.49
11.05
9.15
8.98
21.62
13.63
11.21
10.15
9.62
9.33
9.18
9.08
11.00
21.74
13.78
13.92
11.37
10.32
10.49
9.80
9.52
9.37
9.28
11.25
11.50
21.87
11.52
9.98
10.16
9.71
9.90
9.56
9.76
9.48
9.68
21.99
22.12
14.06
11.68
10.66
11.75
14.20
11.84
12.00
12.16
12.33
10.84
10.35
10.09
9.96
9.88
12.00
12.25
22.24
14.35
11.01
10.53
10.29
10.16
10.08
22.37
14.49
14.64
14.78
14.93
11.19
11.36
11.54
11.72
10.72
10.9
11.09
10.48
10.35
10.55
10.75
10.95
10.29
10.49
10.69
10.90
12.50
22.50
10.67
10.87
11.06
12.75
22.63
22.75
12.49
12.65
13.00
11.28
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