Figure 10.1. Use this table with the question(s) below, as needed. Monthly Payment for a $1,000...

 

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Figure 10.1. Use this table with the question(s) below, as needed. Monthly Payment for a $1,000 Loan Interest Length of Loan in Years Rate 20 25 30 6.00% $7.16 $6.44 $6.00 6.50% 7.46 6.75 6.32 7.00% 7.75 7.07 6.65 7.50% 8.06 7.39 6.99 8.00% 8.36 7.72 7.34 8.50% 8.68 8.05 7.69 24. Use Figure 10.1. Matt and Brittany Woodall purchased a home priced at $286,700. They put $28,005 down and financed the rest at 6% for 20 years. What is the amount of their monthly mortgage payment? a. $1,053.90 b. $1,198.87 c. $1,229.93 d. $1,852.26 25. Use Figure 10.1. Michael Taylor decided to purchase a condominium. She found a property and the owner accepted her offer of $365,000. The financing company requires a 10% down payment for a 25-year loan at 7.5%. At the end of 25 years, what will be the total amount of interest charged? a. $198,687.50 b. $289,762.50 c. $399,784.50 d. $472,123.50 Figure 10.1. Use this table with the question(s) below, as needed. Monthly Payment for a $1,000 Loan Interest Length of Loan in Years Rate 20 25 30 6.00% $7.16 $6.44 $6.00 6.50% 7.46 6.75 6.32 7.00% 7.75 7.07 6.65 7.50% 8.06 7.39 6.99 8.00% 8.36 7.72 7.34 8.50% 8.68 8.05 7.69 24. Use Figure 10.1. Matt and Brittany Woodall purchased a home priced at $286,700. They put $28,005 down and financed the rest at 6% for 20 years. What is the amount of their monthly mortgage payment? a. $1,053.90 b. $1,198.87 c. $1,229.93 d. $1,852.26 25. Use Figure 10.1. Michael Taylor decided to purchase a condominium. She found a property and the owner accepted her offer of $365,000. The financing company requires a 10% down payment for a 25-year loan at 7.5%. At the end of 25 years, what will be the total amount of interest charged? a. $198,687.50 b. $289,762.50 c. $399,784.50 d. $472,123.50