Monthly Payments (Necessary to amortize a loan of $1,000) Interest 5 10 15 20 25 30 35 40 Rate (%) Years Years Years Years Years Years Years Years 9.89 10.01 3.50 18.19 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 7.27 5.93 5.14 4.63 4.28 4.03 6.06 6.19 6.33 4.00 18.42 10.12 7.40 5.28 4.77 4.43 4.18 4.25 4.50 18.53 10.24 7.52 5.42 4.92 4.58 4.34 18.64 10.36 7.65 5.56 5.07 4.73 4.50 4.66 4.82 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 5.85 5.37 10.61 10.73 5.00 18.87 7.91 6.60 5.05 5.25 18.99 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 8.85 8.99 6.75 19.68 11.48 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 7.39 6.82 6.56 6.40 7.50 20.04 11.87 9.27 8.06 6.99 6.74 6.58 6.77 6.95 7.75 20.16 12.00 9.41 8.21 7.55 7.16 6.92 8.00 20.28 12.13 9.56 8.36 7.72 7.34 7.10 8.25 20.40 12.27 9.70 8.52 7.88 7.51 7.28 7.14 12.40 12.53 7.33 7.52 8.50 20.52 9.85 8.68 8.05 7.69 7.47 8.75 20.64 9.99 8.84 8.22 7.87 7.65 9.00 20.76 12.67 10.14 9.00 8.39 8.05 7.84 7.71 9.25 20.88 12.80 10.29 9.16 8.56 8.23 8.03 7.91 9.50 21.00 12.94 10.44 9.32 8.74 8.41 8.22 8.10 8.59 8.78 9.75 21.12 13.08 10.59 9.49 8.91 8.41 8.30 10.00 21.25 13.22 10.75 9.65 9.09 8.60 8.49 10.25 21.37 13.35 10.90 9.82 9.26 8.96 8.79 8.69 10.50 21.49 13.49 11.05 9.98 9.44 9.15 8.98 8.89 10.75 21.62 13.63 11.21 10.15 9.62 9.33 9.18 9.08 11.00 21.74 13.78 11.37 10.32 9.80 9.52 9.37 9.28 11.25 21.87 13.92 11.52 10.49 9.98 9.71 9.56 9.48 11.50 21.99 14.06 11.68 10.66 10.16 9.90 9.76 9.68
Monthly Payments (Necessary to amortize a loan of $1,000) Interest 5 10 15 20 25 30 35 40 Rate (%) Years Years Years Years Years Years Years Years 9.89 10.01 3.50 18.19 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 7.27 5.93 5.14 4.63 4.28 4.03 6.06 6.19 6.33 4.00 18.42 10.12 7.40 5.28 4.77 4.43 4.18 4.25 4.50 18.53 10.24 7.52 5.42 4.92 4.58 4.34 18.64 10.36 7.65 5.56 5.07 4.73 4.50 4.66 4.82 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 5.85 5.37 10.61 10.73 5.00 18.87 7.91 6.60 5.05 5.25 18.99 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 8.85 8.99 6.75 19.68 11.48 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 7.39 6.82 6.56 6.40 7.50 20.04 11.87 9.27 8.06 6.99 6.74 6.58 6.77 6.95 7.75 20.16 12.00 9.41 8.21 7.55 7.16 6.92 8.00 20.28 12.13 9.56 8.36 7.72 7.34 7.10 8.25 20.40 12.27 9.70 8.52 7.88 7.51 7.28 7.14 12.40 12.53 7.33 7.52 8.50 20.52 9.85 8.68 8.05 7.69 7.47 8.75 20.64 9.99 8.84 8.22 7.87 7.65 9.00 20.76 12.67 10.14 9.00 8.39 8.05 7.84 7.71 9.25 20.88 12.80 10.29 9.16 8.56 8.23 8.03 7.91 9.50 21.00 12.94 10.44 9.32 8.74 8.41 8.22 8.10 8.59 8.78 9.75 21.12 13.08 10.59 9.49 8.91 8.41 8.30 10.00 21.25 13.22 10.75 9.65 9.09 8.60 8.49 10.25 21.37 13.35 10.90 9.82 9.26 8.96 8.79 8.69 10.50 21.49 13.49 11.05 9.98 9.44 9.15 8.98 8.89 10.75 21.62 13.63 11.21 10.15 9.62 9.33 9.18 9.08 11.00 21.74 13.78 11.37 10.32 9.80 9.52 9.37 9.28 11.25 21.87 13.92 11.52 10.49 9.98 9.71 9.56 9.48 11.50 21.99 14.06 11.68 10.66 10.16 9.90 9.76 9.68
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
Related questions
Concept explainers
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Question
Transcribed Image Text:As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest
cent.)
Term
Annual
Amount
Interest
Monthly
Annual
Monthly
of Loan
Property
Тax
Financed
Rate
PI
Insurance
PITI
(years)
$210,000
3.50%
25
$6,513
$2,126
%24
Transcribed Image Text:Monthly Payments
(Necessary to amortize a loan of $1,000)
Interest
5
10
15
20
25
30
35
40
Rate (%)
Years
Years
Years
Years
Years
Years
Years
Years
3.50
18.19
9.89
7.15
5.80
5.01
4.49
4.13
3.87
3.75
18.30
10.01
7.27
5.93
5.14
4.63
4.28
4.03
4.00
18.42
10.12
7.40
6.06
5.28
4.77
4.43
4.18
4.25
18.53
10.24
7.52
6.19
5.42
4.92
4.58
4.34
4.50
18.64
10.36
7.65
6.33
5.56
5.07
4.73
4.50
4.75
18.76
10.48
7.78
6.46
5.70
5.22
4.89
4.66
5.00
18.87
10.61
7.91
6.60
5.85
5.37
5.05
4.82
5.25
18.99
10.73
8.04
6.74
5.99
5.52
5.21
4.99
5.50
19.10
10.85
8.17
6.88
6.14
5.68
5.37
5.16
5.75
19.22
10.98
8.30
7.02
6.29
5.84
5.54
5.33
6.00
19.33
11.10
8.44
7.16
6.44
6.00
5.70
5.50
6.25
19.45
11.23
8.57
7.31
6.60
6.16
5.87
5.68
6.50
19.57
11.35
8.71
7.46
6.75
6.32
6.04
5.85
6.75
19.68
11.48
8.85
7.6
6.91
6.49
6.21
6.03
7.00
19.80
11.61
8.99
7.75
7.07
6.65
6.39
6.21
7.25
19.92
11.74
9.13
7.90
7.23
6.82
6.56
6.40
7.50
20.04
11.87
9.27
8.06
7.39
6.99
6.74
6.58
7.75
20.16
12.00
9.41
8.21
7.55
7.16
6.92
6.77
8.00
20.28
12.13
9.56
8.36
7.72
7.34
7.10
6.95
8.25
20.40
12.27
9.70
8.52
7.88
7.51
7.28
7.14
8.50
20.52
12.40
9.85
8.68
8.05
7.69
7.47
7.33
8.75
20.64
12.53
9.99
8.84
8.22
7.87
7.65
7.52
9.00
20.76
12.67
10.14
9.00
8.39
8.05
7.84
7.71
9.25
20.88
12.80
10.29
9.16
8.56
8.23
8.03
7.91
9.50
21.00
12.94
10.44
9.32
8.74
8.41
8.22
8.10
9.75
21.12
13.08
10.59
9.49
8.91
8.59
8.41
8.30
10.00
21.25
13.22
10.75
9.65
9.09
8.78
8.60
8.49
10.25
21.37
13.35
10.90
9.82
9.26
8.96
8.79
8.69
10.50
21.49
13.49
11.05
9.98
9.44
9.15
8.98
8.89
10.75
21.62
13.63
11.21
10.15
9.62
9.33
9.18
9.08
11.00
21.74
13.78
11.37
10.32
9.80
9.52
9.37
9.28
11.25
21.87
13.92
11.52
10.49
9.98
9.71
9.56
9.48
11.50
21.99
14.06
11.68
10.66
10.16
9.90
9.76
9.68
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