Use this table to estimate the monthly payment for the loan described. (Round your answer to the nearest cent.)$68,200; 30 years;61⁄2%tA Monthly Cost to Finance $1,000Rate ofInterest6.0%6.5%7.0%7.5%8.0%8.5%9.0%9.5%10.0%10.5%11.0%11.5%12.0%5 yearsN = 6019.3319.5719.8020.0420.2820.5220.7621.0021.2521.4921.7421.9922.2410 yearsN = 12011.1011.3511.6111.8712.1312.4012.6712.9413.2213.4913.7714.0614.35Number of Years Financed20 years15 yearsN = 180N = 2408.448.718.999.279.569.8510.1410.4410.7511.0511.3711.6812.007.167.467.758.068.368.689.009.329.659.9810.3210.6611.0125 yearsN = 3006.446.757.077.397.728.058.398.749.099.449.0810.1610.5330 yearsN = 3606.006.326.656.997.347.698.058.418.789.159.529.9010.29

Loan: It represents the amount borrowed from the lender by the borrower for the purchase of land,…

Answered: Use this table to estimate the monthly…

Use this table to estimate the monthly payment for the loan described. (Round your answer to the nearest cent.) $68,200; 30 years; 61% $

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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Concept explainers

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.

Question

Use this table to estimate the monthly payment for the loan described. (Round your answer to the nearest cent.)
$68,200; 30 years;
61⁄2%
tA

Monthly Cost to Finance $1,000
Rate of
Interest
6.0%
6.5%
7.0%
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
10.5%
11.0%
11.5%
12.0%
5 years
N = 60
19.33
19.57
19.80
20.04
20.28
20.52
20.76
21.00
21.25
21.49
21.74
21.99
22.24
10 years
N = 120
11.10
11.35
11.61
11.87
12.13
12.40
12.67
12.94
13.22
13.49
13.77
14.06
14.35
Number of Years Financed
20 years
15 years
N = 180
N = 240
8.44
8.71
8.99
9.27
9.56
9.85
10.14
10.44
10.75
11.05
11.37
11.68
12.00
7.16
7.46
7.75
8.06
8.36
8.68
9.00
9.32
9.65
9.98
10.32
10.66
11.01
25 years
N = 300
6.44
6.75
7.07
7.39
7.72
8.05
8.39
8.74
9.09
9.44
9.08
10.16
10.53
30 years
N = 360
6.00
6.32
6.65
6.99
7.34
7.69
8.05
8.41
8.78
9.15
9.52
9.90
10.29

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