Chapter 14.I, Problem 14RE

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 Payments to Amortize Principal and Interest per $1,000 Financed

Monthly Payments (Necessary to amortize a loan of $1,000)

Interst	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		$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		732	6.19		5.42		4.92	458		4.34
4.50	18.64		10.36		765	6.33		556		507	4.73		450
4.75	18.76		10.48		7.78	646		5.70		5.22	489		4.66
5.00	18.88		10.61		7.91	6.60		5.85		5.37	5.05		4.83
5.25	18.99		10.73		8.04	6.74		6.00		5.53	5.21		4.99
5.50	19.11		10.86		8.18	688		6.15		568	5.38		5.16
5.75	19.22		10.98		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	19.45		11.23		858	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	19.69		11.49		885	7.61		6.91		649	6.22		604
7.00	19.81		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		9.42	8.21		7.56		7.17	693		6.77
8.00	20.28		12.14		956	8.37		7.72		7.34	7.11		696
8.25	2040		12.27		9.71	853		7.89		7.52	7.29		7.15
8.50	20.52		12.40		9.85	868		8.06		7.69	7.47		7.34
8.75	20.64		12.54		10.00	884		8.13		7.87	7.66		7.53
9.00	20.76		12.67		10.15	900		840		8.05	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		10.45	9.33		8.74		8.41	822		8.11
9.75	21.13		13.08		10.60	9.49		8.92		8.60	8.41		8.30
10.00	21.25		13.22		10.75	966		909		878	860		850
10.25	21.38		13.36		10.90	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		929
11.25	21.87		13.92		11.53	10.50		999		9.72	9.57		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
11.25	22.38		14.50		11.17	11.19		10.72		10.48	10.36		10.29
11.50	22.50		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
$140,500		$\text{4}\text{.25\%}$		10					$2,842			$1,460