Chapter 14.I, Problem 11RE

As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI, using Table 14-1 and the monthly PITI for the following mortgages.

TABLE 14-1 Monthly Payment to Amortize Principle and Interest per $1,000 financed

Monthly Payments

(Necessary to amortize 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	428		4.03
4.00	18.42		10.12	7.40		606	5.28		4.77	4.43		4.18
4.25	18.53		1024	7.52		6.19	5.42		4.92	458		4.34
4.50	18.64		10.36	765		6.33	5.56		507	4.73		4.50
4.75	18.76		1048	7.78		646	5.70		5.22	489		4.66
5.00	1888		1061	7.91		660	5.85		5.37	5.05		4.83
5.25	18.99		10.73	804		6.74	6.00		5.53	5.21		4.99
5.50	19.11		1086	8.18		688	6.15		568	5.38		5.16
5.75	19.22		1098	8.31		7.03	6.30		584	5.54		5.33
6.00	19.34		11.11	844		7.17	6.45		600	5.71		5.51
6.25	1945		11.23	8.58		7.31	6.60		6.16	588		5.68
6.50	19.57		11.36	872		7.46	6.76		6.33	605		5.86
6.75	1969		11.49	885		7.61	6.91		649	622		6.04
7.00	1981		11.62	899		7.76	7.07		6.66	6.39		6.22
7.25	19.92		11.75	9.13		7.91	7.23		6.83	6.57		6.40
7.50	20.04		11.88	9.28		806	7.39		7.00	6.75		6.59
7.75	20.16		12.01	942		8.21	7.56		7.17	693		6.77
8.00	20.28		12.14	956		8.37	7.72		7.34	7.11		6.96
8.25	2040		12.27	9.71		8.53	7.89		7.52	7.29		7.15
8.50	20.52		12.40	9.85		8.68	8.06		7.69	7.47		7.34
8.75	20.64		12.54	10.00		884	8.23		7.87	7.66		733
9.00	2076		12.67	10.15		900	840		805	7.84		7.72
9.25	20.88		12.81	10.30		9.16	8.57		8.23	8.03		7.91
9.50	21.01		12.94	1045		9.33	8.74		8.41	8.22		8.11
9.75	21.13		13.08	13.08		949	8.92		860	8.41		8.30
10.00	21.25		13.22	10.75		966	909		878	860		850
10.25	21.38		13.36	1090		982	9.27		8.97	879		869
10.50	21.50		13.50	11.06		999	9.45		9.15	899		889
10.75	21.62		13.64	11.21		10.16	9.63		9.34	9.18		9.09
11.00	21.75		13.78	11.37		10.33	9.81		9.53	9.37		9.29
11.25	21.87		13.92	11.53		1050	999		9.72	9.37		949
11.50	22.00		14.06	11.69		10.67	10.17		9.91	9.77		969
11.75	22.12		14.21	11.85		10.84	10.35		10.10	996		989
12.00	22.25		14.35	12.01		11.02	10.54		10.29	10.16		10.09
12.25	22.38		1450	12.17		11.19	10.72		10.48	10.36		1029
12-50	2250		14.64	12.33		11.37	10.91		10.68	10.56		10.49
12.75	22.63		14.79	12.49		11.54	11.10		10.87	10.76		10.70
13.00	22.76		14.94	12.66		11.72	11.28		11.07	10.96		10.90
Amount		Interest			Term of			Monthly			Annual Annual			Monthly
Financed		Rate			Loan (years)			PI			Property Tax Insurance			PITI
$224,500		5.25%			30						$3,506			$1,431