Expound on the following data by explaining the mortgage in the context of loan term, selling price, financial amount, monthly payment, etc. How is a monthly payment determined? How would you calculate a loan?

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Second National Bank - New Loans Interest Rate Down Payment Amount to be Financed Monthly Payment Customer Selling Price Loan Term Allen $265,354.00 30 6.25% $66,338.50 $199,015.50 $1,219.02 Arnold $328,788.00 15 5.75% $49,318.20 $279,469.80 $2,309.68 Barber $500,000.00 15 5.75% $75,000.00 $425,000.00 $3,512.41 Bollis $112,485.00 30 6.25% $28,121.25 $84,363.75 $516.75 George $350,000.00 30 6.25% $87,500.00 $262,500.00 $1,607.88 Hood $761,978.00 20 6.00% $152,395.60 $609,582.40 $4,345.51 Morgan $192,940.00 15 5.75% $28,941.00 $163,999.00 $1,355.37 Paul $606,563.00 20 6.00% $121,312.60 $485,250.40 $3,459.19 Pinder $319,765.00 30 6.25% $79,941.25 $239,823.75 $1,468.99 % Required for Loan Term Annual Interest Rate Down Payment 15 5.75% 15% 20 6.00% 20% 30 6.25% 25% Loan Statistics Number of Loans Highest Amount 9 Financed Lowest Amount Financed Total Amount Financed $609,582.40 $84,363.75 $2,749,004.60 Second National Bank - New Loans Interest Rate Down Payment Amount to be Financed Monthly Payment Customer Selling Price Loan Term Allen $265,354.00 30 6.25% $66,338.50 $199,015.50 $1,219.02 Arnold $328,788.00 15 5.75% $49,318.20 $279,469.80 $2,309.68 Barber $500,000.00 15 5.75% $75,000.00 $425,000.00 $3,512.41 Bollis $112,485.00 30 6.25% $28,121.25 $84,363.75 $516.75 George $350,000.00 30 6.25% $87,500.00 $262,500.00 $1,607.88 Hood $761,978.00 20 6.00% $152,395.60 $609,582.40 $4,345.51 Morgan $192,940.00 15 5.75% $28,941.00 $163,999.00 $1,355.37 Paul $606,563.00 20 6.00% $121,312.60 $485,250.40 $3,459.19 Pinder $319,765.00 30 6.25% $79,941.25 $239,823.75 $1,468.99 % Required for Loan Term Annual Interest Rate Down Payment 15 5.75% 15% 20 6.00% 20% 30 6.25% 25% Loan Statistics Number of Loans Highest Amount 9 Financed Lowest Amount Financed Total Amount Financed $609,582.40 $84,363.75 $2,749,004.60

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Understanding the Mortgage Data from Second National Bank The table shows details of several new loan applications received by Second National Bank Le... View the full answer