James has a mortgage of $88,500 at 8% for 30 years. The property taxes are $3,700 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.)
James has a mortgage of $88,500 at 8% for 30 years. The property taxes are $3,700 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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James has a mortgage of $88,500 at 8% for 30 years. The property taxes are $3,700 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.)
Transcribed Image Text:5/26/23, 12:20 PM
3.50
3.75
4.00
4.25
4.50
4.75
5.00
5.25
5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25
7.50
7.75
8.00
8.25
8.50
8.75
9.00
9.25
9.50
9.75
10.00
10.25
10.50
10.75
11.00
11.25
11.50
11.75
12.00
12.25
12.50
12.75
13.00
Monthly Payments to Amortize Principal and Interest per $1,000 Financed
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 (%)
4.13 3.87
4.28
4.03
4.43
4.18
4.58
4.34
4.50
18.19 9.89 7.15 5.80 5.01 4.49
18.30 10.01 7.27 5.93 5.14 4.63
18.42 10.12 7.40 6.06 5.28 4.77
18.53 10.24 7.52 6.19 5.42 4.92
18.64 10.36 7.65 6.33
5.56
5.07 4.73
18.76 10.48 7.78 6.46 5.70 5.22 4.89
18.87 10.61 7.91 6.60 5.85 5.37 5.05
18.99 10.73 8.04 6.74 5.99 5.52
19.10 10.85 8.17 6.88 6.14 5.68 5.37
19.22 10.98 8.30 7.02 6.29 5.84
19.33 11.10 8.44 7.16 6.44 6.00
4.66
5.21
5.54
5.70
5.50
6.60
6.16
5.87
5.68
6.32 6.04
5.85
6.49
6.21
6.03
6.65
6.39
6.21
19.45 11.23 8.57 7.31
19.57 11.35 8.71 7.46 6.75
19.68 11.48 8.85 7.6 6.91
19.80 11.61 8.99 7.75 7.07
19.92 11.74 9.13 7.90 7.23 6.82 6.56
20.04 11.87 9.27 8.06 7.39 6.99 6.74
20.16 12.00 9.41
7.55 7.16 6.92 6.77
7.72
6.40
6.58
8.21
8.36
7.34
7.10
20.28 12.13 9.56
20.40 12.27 9.70
20.52 12.40 9.85
8.52 7.88 7.51 7.28
8.05
7.69
7.47 7.33
8.68
8.84
20.64 12.53 9.99
8.22
7.87
7.65
7.52
8.39
8.05
7.84 7.71
20.76 12.67 10.14 9.00
20.88 12.80 10.29 9.16
8.56 8.23
8.03 7.91
8.10
8.41
8.30
8.91
9.09
8.78
8.60
8.49
8.96 8.79
8.69
9.15
8.98
8.89
9.33 9.18
9.08
9.52
9.37
9.28
21.00 12.94 10.44 9.32 8.74 8.41 8.22
21.12 13.08 10.59 9.49
8.59
21.25 13.22 10.75 9.65
21.37 13.35 10.90 9.82 9.26
21.49 13.49 11.05 9.98 9.44
21.62 13.63 11.21 10.15 9.62
21.74 13.78 11.37 10.32 9.80
21.87 13.92 11.52 10.49 9.98 9.71 9.56 9.48
21.99 14.06 11.68 10.66 10.16 9.90 9.76 9.68
22.12 14.20 11.84 10.84 10.35 10.09 9.96 9.88
22.24 14.35 12.00 11.01 10.53 10.29 10.16 10.08
22.37 14.49 12.16 11.19 10.72 10.48 10.35 10.29
22.50 14.64 12.33 11.36 10.9 10.67 10.55 10.49
22.63 14.78 12.49 11.54 11.09 10.87 10.75
10.69
22.75 14.93 12.65 11.72 11.28 11.06 10.95 10.90
https://www.webassign.net/brecmbc9/14-table-1.html
4.82
4.99
5.16
5.33
6.95
7.14
5
Years
10
Years
15
Years
20
Years
25
Years
30
Years
35
Years
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