Question: Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time
Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? T
NUMBERS FOR 8% ARE LISTED AT THE BOTTOM
| Term Rate | 30 years | 25 years | 20 years | 15 years |
| 3.0% | $ 4.22 | $ 4.74 | $ 5.55 | $ 6.91 |
| 3.5 | 4.49 | 5.01 | 5.80 | 7.15 |
| 4.0 | 4.77 | 5.28 | 6.06 | 7.40 |
| 4.5 | 5.07 | 5.56 | 6.33 | 7.65 |
| 5.0 | 5.37 | 5.85 | 6.60 | 7.91 |
| 5.5 | 5.68 | 6.14 | 6.88 | 8.17 |
| 6.0 | 6.00 | 6.44 | 7.16 | 8.44 |
| 6.5 | 6.32 | 6.75 | 7.46 | 8.71 |
| 7.0 | 6.65 | 7.07 | 7.75 | 8.99 |
| 7.5 | 6.99 | 7.39 | 8.06 | 9.27 |
8 7.34 7.72 8.36 9.56
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