Based on Exhibit 7-8; what would be the monthly mortgage payments for each of the following...
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Based on Exhibit 7-8; what would be the monthly mortgage payments for each of the following situations? (Round mortgage payment factors and final answers to 2 decimal places. Omit the "$" sign in your response.) a) A $136,000, 15-year loan at 5.5 percent APR compounded semi-annually b) A $124,000, 25-year loan at 7.0 percent APR compounded semi-annually c) A $110,000, 20-year loan at 4.5 percent APR compounded semi-annually $ $ $ Exhibit 7-8 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) Term Rate 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 25 Years $5.26 5.53 5.83 6.10 6.40 6.70 7.00 7.32 7.63 7.95 8.28 8.61 8.94 20 Years $6.04 6.30 6.57 6.84 7.12 7.41 7.69 7.99 8.28 8.59 8.89 9.20 9.52 15 Years $7.38 7.63 7.88 8.14 8.40 8.66 8.93 9.21 9.48 9.76 10.05 10.33 10.62 Based on Exhibit 7-8; what would be the monthly mortgage payments for each of the following situations? (Round mortgage payment factors and final answers to 2 decimal places. Omit the "$" sign in your response.) a) A $136,000, 15-year loan at 5.5 percent APR compounded semi-annually b) A $124,000, 25-year loan at 7.0 percent APR compounded semi-annually c) A $110,000, 20-year loan at 4.5 percent APR compounded semi-annually $ $ $ Exhibit 7-8 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) Term Rate 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 25 Years $5.26 5.53 5.83 6.10 6.40 6.70 7.00 7.32 7.63 7.95 8.28 8.61 8.94 20 Years $6.04 6.30 6.57 6.84 7.12 7.41 7.69 7.99 8.28 8.59 8.89 9.20 9.52 15 Years $7.38 7.63 7.88 8.14 8.40 8.66 8.93 9.21 9.48 9.76 10.05 10.33 10.62
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To calculate the monthly mortgage payments for each situation we need to use the mortgage payment fa... View the full answer
Related Book For
Focus On Personal Finance
ISBN: 9780077861742
5th Edition
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
Posted Date:
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