Based on Exhibit 7-8; what would be the monthly mortgage payments for each of the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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
Expert Answer:
Answer rating: 100% (QA)
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:
Students also viewed these finance questions
-
(a) By reading values from the given graph of f, use four rectangles to find a lower estimate and an upper estimate for the area under the given graph of f from x = 0 to x = 8. In each case sketch...
-
Find T(t), N(t), aT, and aN at the given time t for the curver(t). r(t) = t2i + 2tj, t = 1 Note: This is Calculus 3. i, j, and k arevectors. Please show all work. The process is the most importantto...
-
Based on Exhibit 9-9 , what would be the monthly mortgage payments for each of the following situations? a. $40,000, 15-year loan at 5.5 percent. b. $76,000, 30-year loan at 6 percent. c. $65,000,...
-
A vessel is in the form of an inverted cone. Its height is 8 cm and the radius of its top, which is open, is 5 cm. It is filled with water up to the brim. When lead shots, each of which is a sphere...
-
Lisa hired Jay in the spring, as she had for many years, to set out in beds the flowers Lisa had grown in her greenhouses during the winter. The work was to be done in Lisas absence for $300. Jay...
-
Determine whether the series converges absolutely or conditionally, or diverges. 18 n=0 (-1) (2n + 1)!
-
It looks to me that you have devoted everything to this company and they have treated you badly. Is that right?
-
Simonsen Village is a relatively new community. At the start of the year, the government had no long-term assets or liabilities. In fact, all of the infrastructure (e. g., roads) in the village are...
-
Problem 5. [20 pts] Verify Green's Theorem for the following vector field and region D. Namely, compute both, the line integral and the double integral. x1 1. (10pts) F (1,-1). and D is the square...
-
There is an array A made of N integers. Your task is to choose as many integers from A as possible so that, when they are put in ascending order, all of the differences between all pairs of...
-
A particular security universe has an efficient frontier given by 0.02. In(x) and that the risk-free return is 0.02. Determine the return for the market portfolio. (Answer to 2 decimal places)
-
If a machine had a cost of $6,400 with an accumulated depreciation of $650, what would be its book value?
-
What is the purpose of database normalization in a relational database?
-
The employer doesnt have to contribute to Social Security. Agree or disagree? Please explain.
-
Calculate the total cost of the machine given the following: List price ................................... $2,950 Cash discount ..................................8% Freight...
-
When you look at the 2010 annual report for Kelloggs Company at http://investor.kelloggs.com/annuals.cfm, do you think Kelloggs uses a voucher system?
-
What is E-R model (Entity-Relationship) model (diagram) also draw various symbols using in E-R diagram.
-
The Taylor's series expansion for cosx about x = 0 is given by: where x is in radians. Write a user-defined function that determines cosx using Taylor's series expansion. For function name and...
-
What do you believe to be the major characteristics of an effective system to keep track of financial documents and records?
-
What actions would you recommend to someone who was considering using the services of a pawnshop, check-cashing outlet, or payday loan company?
-
For each of the following statements, indicate your response by writing T or F. a. Life insurance is one of the least important and inexpensive purchases. b. A beneficiary is a person named to...
-
What are the three main types of assistance available to the general public for completing their tax forms?
-
Ask older friends or relatives about the cost of specific items (e.g., a gallon of gas, a cup of coffee, etc.) during their youth. Also inquire bout their average wages in the past. Compare the...
-
Develop and solve a future-value, a present-value, a future value of an annuity, and a present value of an annuity problem. Establish the three known variables in each problem and solve for the...
Study smarter with the SolutionInn App