FedPrimeRote.com reported the median price of a home sold in the United States In November 2017...

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FedPrimeRote.com reported the median price of a home sold in the United States In November 2017 was $199,600. Pat Radlgan wants to purchase a new home for $317,000. Pat puts 20% down and will finance the remainder of the purchase. Compare the following two mortgage options he has: 17 years at 6.0% or 22 years at 6.5%. (Use Table 15.1.) (Round your Intermedlate calculations and final answers to the nearest cent.) a. Calculate Pat's monthly payment for both the 17 and 22 year mortgage? Monthly payment for 17 year mortgoge Monthly payment for 22 yoar mortgage b. Calculate Pat's total cost of Interest for both the 17 and 22 year mortgage? Total cost of interent for 17 year mortgage Total cost of interest for 22 year mortgage TABLE 15-1 Amortization table (mortgage principal and Interest per $1,000) INTEREST Term In years 3% 10% 5% 6% 7% 8% 9% 91% 10% 11% 10 9.89 10.61 10,86 11.11 11 36 (11.62 1.88 12.14 1240 12.67 1294 13.22 13.50 13.78 12 8.52 9.25 9.51 976 10.02 10.29 0.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 872 8.99 9.28 9.56 9.85 10.15 10.45 10.76 11.06 1137 17 6.52 7.29 V.56 784 8 12 8.40 8.69 8.99 9.29 9.59 9.90 10,22 10.54 10.86 20 5.80 6.60 6,88 7.17 7.46 7.76 8.06 8,37 8.68 9,00 9.33 9.66 9.99 10.33 22 6.44 6.20 6.51 6.82 7:13 7.44 7.75 8.07 8.39 8.72 9.05 9.39 9.73 10,08 26 S.01 5.85 6.15 6.45 6.76 7,07 7.39 7.72 8.06 8.40 874 9.00 9.45 9.81 30 4.50 5.37 5,68 6.00 6.33 6.66 7.00 7.34 7.69 8.05 8.41 8.78 915 9.53 36 3.99 5.05 5.38 571 6.39 6.75 7.11 7.47 7.84 8.22 8.60 8.99 9.37 FedPrimeRote.com reported the median price of a home sold in the United States In November 2017 was $199,600. Pat Radlgan wants to purchase a new home for $317,000. Pat puts 20% down and will finance the remainder of the purchase. Compare the following two mortgage options he has: 17 years at 6.0% or 22 years at 6.5%. (Use Table 15.1.) (Round your Intermedlate calculations and final answers to the nearest cent.) a. Calculate Pat's monthly payment for both the 17 and 22 year mortgage? Monthly payment for 17 year mortgoge Monthly payment for 22 yoar mortgage b. Calculate Pat's total cost of Interest for both the 17 and 22 year mortgage? Total cost of interent for 17 year mortgage Total cost of interest for 22 year mortgage TABLE 15-1 Amortization table (mortgage principal and Interest per $1,000) INTEREST Term In years 3% 10% 5% 6% 7% 8% 9% 91% 10% 11% 10 9.89 10.61 10,86 11.11 11 36 (11.62 1.88 12.14 1240 12.67 1294 13.22 13.50 13.78 12 8.52 9.25 9.51 976 10.02 10.29 0.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 872 8.99 9.28 9.56 9.85 10.15 10.45 10.76 11.06 1137 17 6.52 7.29 V.56 784 8 12 8.40 8.69 8.99 9.29 9.59 9.90 10,22 10.54 10.86 20 5.80 6.60 6,88 7.17 7.46 7.76 8.06 8,37 8.68 9,00 9.33 9.66 9.99 10.33 22 6.44 6.20 6.51 6.82 7:13 7.44 7.75 8.07 8.39 8.72 9.05 9.39 9.73 10,08 26 S.01 5.85 6.15 6.45 6.76 7,07 7.39 7.72 8.06 8.40 874 9.00 9.45 9.81 30 4.50 5.37 5,68 6.00 6.33 6.66 7.00 7.34 7.69 8.05 8.41 8.78 915 9.53 36 3.99 5.05 5.38 571 6.39 6.75 7.11 7.47 7.84 8.22 8.60 8.99 9.37

Answer rating: 100% (QA)

Home puice 317000 Downpayment 20 317000 63400 Loon Omount 317000 63400 253... View the full answer