Explanation Given Information: The financed amount is $ 96 , 800 and rate of interest is 7.75 % for the time-period of 30 years. Formula used: Steps to determine the monthly mortgage payment; Step 1: Compute the number of $ 1000 s financed; Number of $1000s financed = Amount financed 1 , 000 Step 2: Use table 14.1 (monthly payments to amortize principal and interest per $ 1000 s financed), to locate the table factor at the intersection of the number-of-years column and the interest-rate row. Step 3: Compute the monthly payment by the formula; Monthly payment = No of 1000's financed × Table factor Step 4: Compute the total interest of the loan; Total interest = ( Monthly payment × Number of payments ) − Amount financed Calculation: The financed amount is $ 96 , 800 and rate of interest is 7.75 % for the time-period of 30 years. So, the number of $ 1000 s financed is calculated as; Number of $1000s financed = Amount financed 1 , 000 = 96 , 800 1000 = 96

Contemporary Mathematics For Business & Consumers, Loose-leaf Version

8th Edition

ISBN: 9781305867185

Author: Robert Brechner, Geroge Bergeman

Publisher: South-Western College Pub

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Chapter 14.I, Problem 5RE

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To calculate: The number of $1000s financed, table factor, monthly payment and total interest if the financed amount is $96,800 and rate of interest is 7.75% for the time-period of 30 years.

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Chapter 14.I, Problem 4RE

Chapter 14.I, Problem 6RE

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Chapter 14 Solutions

Contemporary Mathematics For Business & Consumers, Loose-leaf Version

Ch. 14.I - What is the monthly payment and total interest on...Ch. 14.I - Prob. 2TIE Ch. 14.I - Prob. 3TIE Ch. 14.I - Prob. 4TIE Ch. 14.I - Prob. 5TIE Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 2RE Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 4RE Ch. 14.I - Prob. 5RE

Ch. 14.I - Prob. 6RE Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 8RE Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - Ben and Mal Scott plan to buy a home for $272,900....Ch. 14.I - 16. Michael Sanchez purchased a condominium for...Ch. 14.I - 17. Luis Schambach is shopping for a 15-year...Ch. 14.I - 18. Phil Pittman is interested in a fixed-rate...Ch. 14.I - 19. Larry and Cindy Lynden purchased a townhome in...Ch. 14.I - Heather Gott bought a home with an adjustable-rate...Ch. 14.I - Joe and Gloria Moutran art purchasing a house in...Ch. 14.I - 22. You are a real estate broker for Aurora...Ch. 14.II - Justin Schaefer owns a home that was recently...Ch. 14.II - Roman Bass cams a gross income of $3,100 per...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Prob. 10RE Ch. 14.II - Prob. 11RE Ch. 14.II - Prob. 12RE Ch. 14.II - Prob. 13RE Ch. 14.II - Prob. 14RE Ch. 14.II - Use Exhibit 14-4, Lending Ratio Guidelines, on...Ch. 14.II - 16. Ronald and Samantha Brady recently had their...Ch. 14.II - Prob. 17RE Ch. 14.II - Ransford and Alda Mariano own a home recently...Ch. 14.II - Prob. 19RE Ch. 14.II - Jamie and Alice Newmark have a combined monthly...Ch. 14.II - Prob. 21RE Ch. 14.II - According to moncy.CNN.com. with mortguge rates...Ch. 14 - 1. Land, including permanent improvements on that...Ch. 14 - A(n) ___________ is a loan in which real property...Ch. 14 - Mortgage ___________ points are an extra charge...Ch. 14 - Prob. 4CR Ch. 14 - 5. A(n) ___________ account is a bank account used...Ch. 14 - Prob. 6CR Ch. 14 - Prob. 7CR Ch. 14 - Prob. 8CR Ch. 14 - Prob. 9CR Ch. 14 - Prob. 10CR Ch. 14 - A home equity ___________ is a lump-sum second...Ch. 14 - Prob. 12CR Ch. 14 - Prob. 13CR Ch. 14 - Prob. 14CR Ch. 14 - Prob. 1AT Ch. 14 - Prob. 2AT Ch. 14 - Suzanne Arthurs purchased a home with a $146,100...Ch. 14 - Prob. 4AT Ch. 14 - Prob. 5AT Ch. 14 - Prob. 6AT Ch. 14 - Prob. 7AT Ch. 14 - Prob. 8AT Ch. 14 - Prob. 9AT Ch. 14 - Prob. 10AT Ch. 14 - Prob. 11AT Ch. 14 - 12. Dale Evans bought the Lazy D Ranch with an...Ch. 14 - 13. Diversified Investments purchased a 24-unit...Ch. 14 - Larry Mager purchased a ski lodge in Telluride for...Ch. 14 - 15. A Denny’s Restaurant franchisee is looking for...Ch. 14 - Prob. 16AT Ch. 14 - Adam Marsh is purchasing a $134,000 condominium...Ch. 14 - Prob. 18AT Ch. 14 - Prob. 19AT Ch. 14 - Prob. 20AT Ch. 14 - 21. Phil Armstrong earns a gross income of $5,355...Ch. 14 - 22. Magda Leon is applying for a home mortgage...

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The number of $ 1000 s financed, table factor, monthly payment and total interest if the financed amount is $ 96 , 800 and rate of interest is 7.75 % for the time-period of 30 years.

Solution Summary: The author calculates the financed amount, table factor, monthly payment, and total interest, based on the number-of-years column and interest-rate row.

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To calculate: The number of $1000s financed, table factor, monthly payment and total interest if the financed amount is $96,800 and rate of interest is 7.75% for the time-period of 30 years.

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Chapter 14 Solutions