1. Use the following amortization table: house sale price down payment School director (loan) Type of interest...
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Question:
1. Use the following amortization table:
house sale price | down payment | School director (loan) | Type of interest | Years | Payment for $1,000 | monthly mortgage payment | ||||
$ 80,000 | $ 5,000 | $ 75,000 | 5% | 30 | $ 5,37 | $ 402.75 | ||||
What is the total interest cost? |
total interest cost | ps |
2. Use the following amortization table:
sale price of the house | down payment | School director (loan) | Type of interest | Years | Payment for $1,000 | monthly mortgage payment | ||||
$ 85,000 | $ 6,000 | $ 79,000 | 6% | 30 | $ 5,37 | $ 424.23 | ||||
Suppose the interest rate rises to 7.5%. What is the total interest cost? (Use Table 15.1). (Do not round intermediate calculations. Round your final answer to the nearest cent.) |
total interest cost | ps |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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