Determine the monthly principal and interest payment for the mortgage. Unless told otherwise by your instructor, you
Question:
Determine the monthly principal and interest payment for the mortgage. Unless told otherwise by your instructor, you may use either Table 10.4 or the principal and interest payment formula.
Table 10.4
Transcribed Image Text:
Number of Years Rate % 10 15 20 25 30 3.0 $9.65607 $6.90582 $5.54598 $4.74211 $4.21604 3.5 9.88859 7.14883 5.79960 5.00624 4.49045 4.0 10.12451 7.39688 6.05980 5.27837 4.77415 4.5 10.36384 7.64993 6.32649 5.55832 5.06685 5.0 10.60655 7.90794 6.59956 5.84590 5.36822 5.5 10.85263 8.17083 6.87887 6.14087 5.67789 6.0 11.10205 8.43857 7.16431 6.44301 5.99551 6.5 I1.35480 8.71107 7.45573 6.75207 6.32068 7.0 11.61085 8.98828 7.75299 7.06779 6.65302 7.5 11.87018 9.27012 8.05593 7.38991 6.99215 8.0 12.13276 9.55652 8.36440 7.71816 7.33765 8.5 12.39857 9.84740 8.67823 8.05227 7.68913 9.0 12.66758 10.14267 8.99726 8.39196 8.04623 9.5 12.93976 10.44225 9.32131 8.73697 8.40854 10.0 13.21507 10.74605 9.65022 9.08701 8.77572 10.5 13.49350 11.05399 9.98380 9.44182 9.14739 11.0 13.77500 11.36597 10.32188 9.80113 9.52323 Annual Number of Time Amount Percent- Payments per Year in Financed age Rate Years (P) (r) (n) (1) $316,000 4.5% 12 20
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Related Book For
A Survey Of Mathematics With Applications
ISBN: 9780135740460
11th Edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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