BOL PCMath1 1 - Rev. July 20 Unit & Financial Literacy Mortgage Payment Calculator Use following monthly mortgage payment calculator for questions 5. It includes payments of interest rates between 4.25% and 7.5% for 15, 20, or 30 years. INTEREST MONTHLY PAYMENT PER THOUSAND DOLLARS 5. a) Find the monthly payments for every $1000 RATE 15 years 20 years 30 years borrowed at a rate of 6.75% for 20 years. 4.25% $7 53 $6.21 $4.93 4.5% 7.65 6.34 5.08 a) 4.75% 7.78 6.48 5.22 I mark 5.0% 7.91 6.60 5.37 5.25% 8.04 6.74 5.53 b) If a customer had a $200 000 mortgage, what 5.5% 8.18 6.89 5.69 would their monthly payments be if they had a rate of 5.75% 8.31 7.03 5.84 5.25% for 30 years? Show your work. 6.0% 8.44 7.17 6.00 6.25% 8.58 7.32 6.16 6.5% 8.72 7.46 6.33 6.75% 8.85 7.61 6.49 7.0% 8.99 7.75 6.65 7.25% 9.13 7.90 6.82 b ) 7 5% 9.27 8.06 6.99 I mark c) Compare the total cost of financing if a home buyer took out a $750 000 mortgage at 4.5% for: i) 15 yrs 2 marks ii) 20 yrs ii ) 2 marks iii) 30 yrs ili) 2 marks