Complete the following table: (Use Table 15.1.) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Selling price down payment amount mortgage rate years Monthly paymeny First payment broken down to interest first payment broken down to principal Balance at end of month $236,000 $47,200 7.00% 15
Complete the following table: (Use Table 15.1.) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Selling price down payment amount mortgage rate years Monthly paymeny First payment broken down to interest first payment broken down to principal Balance at end of month $236,000 $47,200 7.00% 15
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
Question
Complete the following table: (Use Table 15.1.)
Note: Do not round intermediate calculations. Round your answers to the nearest cent.
| Selling price | down payment | amount mortgage | rate | years | Monthly paymeny | First payment broken down to interest | first payment broken down to principal | Balance at end of month |
| $236,000 | $47,200 | 7.00% | 15 |
TABLE 15.1
Amortization table (mortgage principal and interest per $1,000)
| Rate | Interest Only | 10 Year | 15 Year | 20 Year | 25 Year | 30 Year | 40 Year |
|---|---|---|---|---|---|---|---|
| 2.000 | 0.16667 | 9.20135 | 6.43509 | 5.05883 | 4.23854 | 3.69619 | 3.02826 |
| 2.125 | 0.17708 | 9.25743 | 6.49281 | 5.11825 | 4.29966 | 3.75902 | 3.09444 |
| 2.250 | 0.18750 | 9.31374 | 6.55085 | 5.17808 | 4.36131 | 3.82246 | 3.16142 |
| 2.375 | 0.19792 | 9.37026 | 6.60921 | 5.23834 | 4.42348 | 3.88653 | 3.22921 |
| 2.500 | 0.20833 | 9.42699 | 6.66789 | 5.29903 | 4.48617 | 3.95121 | 3.29778 |
| 2.625 | 0.21875 | 9.48394 | 6.72689 | 5.36014 | 4.54938 | 4.01651 | 3.36714 |
| 2.750 | 0.22917 | 9.54110 | 6.78622 | 5.42166 | 4.61311 | 4.08241 | 3.43728 |
| 2.875 | 0.23958 | 9.59848 | 6.84586 | 5.48361 | 4.67735 | 4.14892 | 3.50818 |
| 3.000 | 0.25000 | 9.65607 | 6.90582 | 5.54598 | 4.74211 | 4.21604 | 3.57984 |
| 3.125 | 0.26042 | 9.71388 | 6.96609 | 5.60876 | 4.80738 | 4.28375 | 3.65226 |
| 3.250 | 0.27083 | 9.77190 | 7.02669 | 5.67196 | 4.87316 | 4.35206 | 3.72541 |
| 3.375 | 0.28125 | 9.83014 | 7.08760 | 5.73557 | 4.93945 | 4.42096 | 3.79930 |
| 3.500 | 0.29167 | 9.88859 | 7.14883 | 5.79960 | 5.00624 | 4.49045 | 3.87391 |
| 3.625 | 0.30208 | 9.94725 | 7.21037 | 5.86404 | 5.07352 | 4.56051 | 3.94923 |
| 3.750 | 0.31250 | 10.00612 | 7.27222 | 5.92888 | 5.14131 | 4.63116 | 4.02526 |
| 3.875 | 0.32292 | 10.06521 | 7.33440 | 5.99414 | 5.20959 | 4.70237 | 4.10198 |
| 4.000 | 0.33333 | 10.12451 | 7.39688 | 6.05980 | 5.27837 | 4.77415 | 4.17938 |
| 4.125 | 0.34375 | 10.18403 | 7.45968 | 6.12587 | 5.34763 | 4.84650 | 4.25746 |
| 4.250 | 0.35417 | 10.24375 | 7.52278 | 6.19234 | 5.41738 | 4.91940 | 4.33620 |
| 4.375 | 0.36458 | 10.30369 | 7.58620 | 6.25922 | 5.48761 | 4.99285 | 4.41559 |
| 4.500 | 0.37500 | 10.36384 | 7.64993 | 6.32649 | 5.55832 | 5.06685 | 4.49563 |
| 4.625 | 0.38542 | 10.42420 | 7.71397 | 6.39417 | 5.62951 | 5.14140 | 4.57629 |
| 4.750 | 0.39583 | 10.48477 | 7.77832 | 6.46224 | 5.70117 | 5.21647 | 4.65758 |
| 4.875 | 0.40625 | 10.54556 | 7.84297 | 6.53070 | 5.77330 | 5.29208 | 4.73947 |
| 5.000 | 0.41667 | 10.60655 | 7.90794 | 6.59956 | 5.84590 | 5.36822 | 4.82197 |
| 5.125 | 0.42708 | 10.66776 | 7.97320 | 6.66881 | 5.91896 | 5.44487 | 4.90505 |
| 5.250 | 0.43750 | 10.72917 | 8.03878 | 6.73844 | 5.99248 | 5.52204 | 4.98870 |
| 5.375 | 0.44792 | 10.79079 | 8.10465 | 6.80847 | 6.06645 | 5.59971 | 5.07293 |
| 5.500 | 0.45833 | 10.85263 | 8.17083 | 6.87887 | 6.14087 | 5.67789 | 5.15770 |
| 5.625 | 0.46875 | 10.91467 | 8.23732 | 6.94966 | 6.21575 | 5.75656 | 5.24302 |
| 5.750 | 0.47917 | 10.97692 | 8.30410 | 7.02084 | 6.29106 | 5.83573 | 5.32888 |
| 5.875 | 0.48958 | 11.03938 | 8.37118 | 7.09238 | 6.36682 | 5.91538 | 5.41525 |
| 6.000 | 0.50000 | 11.10205 | 8.43857 | 7.16431 | 6.44301 | 5.99551 | 5.50214 |
| 6.125 | 0.51042 | 11.16493 | 8.50625 | 7.23661 | 6.51964 | 6.07611 | 5.58952 |
| 6.250 | 0.52083 | 11.22801 | 8.57423 | 7.30928 | 6.59669 | 6.15717 | 5.67740 |
| 6.375 | 0.53125 | 11.29130 | 8.64250 | 7.38232 | 6.67417 | 6.23870 | 5.76575 |
| 6.500 | 0.54167 | 11.35480 | 8.71107 | 7.45573 | 6.75207 | 6.32068 | 5.85457 |
| 6.625 | 0.55208 | 11.41850 | 8.77994 | 7.52950 | 6.83039 | 6.40311 | 5.94385 |
| 6.750 | 0.56250 | 11.48241 | 8.84909 | 7.60364 | 6.90912 | 6.48598 | 6.03357 |
| 6.875 | 0.57292 | 11.54653 | 8.91854 | 7.67814 | 6.98825 | 6.56929 | 6.12373 |
| 7.000 | 0.58333 | 11.61085 | 8.98828 | 7.75299 | 7.06779 | 6.65302 | 6.21431 |
| 7.125 | 0.59375 | 11.67537 | 9.05831 | 7.82820 | 7.14773 | 6.73719 | 6.30531 |
| 7.250 | 0.60417 | 11.74010 | 9.12863 | 7.90376 | 7.22807 | 6.82176 | 6.39672 |
| 7.375 | 0.61458 | 11.80504 | 9.19923 | 7.97967 | 7.30880 | 6.90675 | 6.48852 |
| 7.500 | 0.06250 | 11.87017 | 9.27101 | 8.05593 | 7.38991 | 6.99215 | 6.58071 |
| 7.625 | 0.63542 | 11.93552 | 9.34130 | 8.13254 | 7.47141 | 7.07794 | 6.67327 |
| 7.750 | 0.64583 | 12.00106 | 9.41276 | 8.20949 | 7.55329 | 7.16412 | 6.76620 |
| 7.875 | 0.65625 | 12.06681 | 9.48450 | 8.28677 | 7.63554 | 7.25069 | 6.85948 |
| 8.000 | 0.66667 | 12.13276 | 9.55652 | 8.36440 | 7.71816 | 7.33765 | 6.95312 |
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Follow-up Question
Complete the following table: (Use Table 15.1.)
Note: Do not round intermediate calculations. Round your answers to the nearest cent.
| selling price | down payment | amount mortgage | rate | years | monthly payment | first payment broken down into interest | first payment broken down into principal | Balance at end of month |
| $236,000 | 47,200 | $188,800 | 7.00% | 15 |
Monthly payment is NOT 1694.23
first payment broken down into interest is NOT 1,101.23
first payment principal is NOT 592.90
balance at end is NOT 188,207.10
TABLE 15.1
Amortization table (mortgage principal and interest per $1,000)
| Rate | Interest Only | 10 Year | 15 Year | 20 Year | 25 Year | 30 Year | 40 Year |
|---|---|---|---|---|---|---|---|
| 2.000 | 0.16667 | 9.20135 | 6.43509 | 5.05883 | 4.23854 | 3.69619 | 3.02826 |
| 2.125 | 0.17708 | 9.25743 | 6.49281 | 5.11825 | 4.29966 | 3.75902 | 3.09444 |
| 2.250 | 0.18750 | 9.31374 | 6.55085 | 5.17808 | 4.36131 | 3.82246 | 3.16142 |
| 2.375 | 0.19792 | 9.37026 | 6.60921 | 5.23834 | 4.42348 | 3.88653 | 3.22921 |
| 2.500 | 0.20833 | 9.42699 | 6.66789 | 5.29903 | 4.48617 | 3.95121 | 3.29778 |
| 2.625 | 0.21875 | 9.48394 | 6.72689 | 5.36014 | 4.54938 | 4.01651 | 3.36714 |
| 2.750 | 0.22917 | 9.54110 | 6.78622 | 5.42166 | 4.61311 | 4.08241 | 3.43728 |
| 2.875 | 0.23958 | 9.59848 | 6.84586 | 5.48361 | 4.67735 | 4.14892 | 3.50818 |
| 3.000 | 0.25000 | 9.65607 | 6.90582 | 5.54598 | 4.74211 | 4.21604 | 3.57984 |
| 3.125 | 0.26042 | 9.71388 | 6.96609 | 5.60876 | 4.80738 | 4.28375 | 3.65226 |
| 3.250 | 0.27083 | 9.77190 | 7.02669 | 5.67196 | 4.87316 | 4.35206 | 3.72541 |
| 3.375 | 0.28125 | 9.83014 | 7.08760 | 5.73557 | 4.93945 | 4.42096 | 3.79930 |
| 3.500 | 0.29167 | 9.88859 | 7.14883 | 5.79960 | 5.00624 | 4.49045 | 3.87391 |
| 3.625 | 0.30208 | 9.94725 | 7.21037 | 5.86404 | 5.07352 | 4.56051 | 3.94923 |
| 3.750 | 0.31250 | 10.00612 | 7.27222 | 5.92888 | 5.14131 | 4.63116 | 4.02526 |
| 3.875 | 0.32292 | 10.06521 | 7.33440 | 5.99414 | 5.20959 | 4.70237 | 4.10198 |
| 4.000 | 0.33333 | 10.12451 | 7.39688 | 6.05980 | 5.27837 | 4.77415 | 4.17938 |
| 4.125 | 0.34375 | 10.18403 | 7.45968 | 6.12587 | 5.34763 | 4.84650 | 4.25746 |
| 4.250 | 0.35417 | 10.24375 | 7.52278 | 6.19234 | 5.41738 | 4.91940 | 4.33620 |
| 4.375 | 0.36458 | 10.30369 | 7.58620 | 6.25922 | 5.48761 | 4.99285 | 4.41559 |
| 4.500 | 0.37500 | 10.36384 | 7.64993 | 6.32649 | 5.55832 | 5.06685 | 4.49563 |
| 4.625 | 0.38542 | 10.42420 | 7.71397 | 6.39417 | 5.62951 | 5.14140 | 4.57629 |
| 4.750 | 0.39583 | 10.48477 | 7.77832 | 6.46224 | 5.70117 | 5.21647 | 4.65758 |
| 4.875 | 0.40625 | 10.54556 | 7.84297 | 6.53070 | 5.77330 | 5.29208 | 4.73947 |
| 5.000 | 0.41667 | 10.60655 | 7.90794 | 6.59956 | 5.84590 | 5.36822 | 4.82197 |
| 5.125 | 0.42708 | 10.66776 | 7.97320 | 6.66881 | 5.91896 | 5.44487 | 4.90505 |
| 5.250 | 0.43750 | 10.72917 | 8.03878 | 6.73844 | 5.99248 | 5.52204 | 4.98870 |
| 5.375 | 0.44792 | 10.79079 | 8.10465 | 6.80847 | 6.06645 | 5.59971 | 5.07293 |
| 5.500 | 0.45833 | 10.85263 | 8.17083 | 6.87887 | 6.14087 | 5.67789 | 5.15770 |
| 5.625 | 0.46875 | 10.91467 | 8.23732 | 6.94966 | 6.21575 | 5.75656 | 5.24302 |
| 5.750 | 0.47917 | 10.97692 | 8.30410 | 7.02084 | 6.29106 | 5.83573 | 5.32888 |
| 5.875 | 0.48958 | 11.03938 | 8.37118 | 7.09238 | 6.36682 | 5.91538 | 5.41525 |
| 6.000 | 0.50000 | 11.10205 | 8.43857 | 7.16431 | 6.44301 | 5.99551 | 5.50214 |
| 6.125 | 0.51042 | 11.16493 | 8.50625 | 7.23661 | 6.51964 | 6.07611 | 5.58952 |
| 6.250 | 0.52083 | 11.22801 | 8.57423 | 7.30928 | 6.59669 | 6.15717 | 5.67740 |
| 6.375 | 0.53125 | 11.29130 | 8.64250 | 7.38232 | 6.67417 | 6.23870 | 5.76575 |
| 6.500 | 0.54167 | 11.35480 | 8.71107 | 7.45573 | 6.75207 | 6.32068 | 5.85457 |
| 6.625 | 0.55208 | 11.41850 | 8.77994 | 7.52950 | 6.83039 | 6.40311 | 5.94385 |
| 6.750 | 0.56250 | 11.48241 | 8.84909 | 7.60364 | 6.90912 | 6.48598 | 6.03357 |
| 6.875 | 0.57292 | 11.54653 | 8.91854 | 7.67814 | 6.98825 | 6.56929 | 6.12373 |
| 7.000 | 0.58333 | 11.61085 | 8.98828 | 7.75299 | 7.06779 | 6.65302 | 6.21431 |
| 7.125 | 0.59375 | 11.67537 | 9.05831 | 7.82820 | 7.14773 | 6.73719 | 6.30531 |
| 7.250 | 0.60417 | 11.74010 | 9.12863 | 7.90376 | 7.22807 | 6.82176 | 6.39672 |
| 7.375 | 0.61458 | 11.80504 | 9.19923 | 7.97967 | 7.30880 | 6.90675 | 6.48852 |
| 7.500 | 0.06250 | 11.87017 | 9.27101 | 8.05593 | 7.38991 | 6.99215 | 6.58071 |
| 7.625 | 0.63542 | 11.93552 | 9.34130 | 8.13254 | 7.47141 | 7.07794 | 6.67327 |
| 7.750 | 0.64583 | 12.00106 | 9.41276 | 8.20949 | 7.55329 | 7.16412 | 6.76620 |
| 7.875 | 0.65625 | 12.06681 | 9.48450 | 8.28677 | 7.63554 | 7.25069 | 6.85948 |
| 8.000 | 0.66667 | 12.13276 | 9.55652 | 8.36440 | 7.71816 | 7.33765 | 6.95312 |
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