Joe Levl bought a home in Arlington, Texas, for $131,000. He put down 30% and obtained...

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Joe Levl bought a home in Arlington, Texas, for $131,000. He put down 30% and obtained a mortgage for 30 years at 5.50%, (Use Table 15.1.) a. What is Joe's monthly payment? (Round your Intermediate values and final answer to the nearest cent.) Monthly payment b. What is the total Interest cost of the loan? (Use 360 days a year. Round your Intermediate values and final answer to the nearest cent.) Total interest cost TABLE 15-1 Amortization table (mortgage princlpal and Interest per $1,000) INTEREST Term in years 3% 5% 6% 6% 7% 74% 8% 9% 10% 101% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 1240 12.67 12.94 13.22 13.50 13 78 12 852 9.25 0,51 076 10.02 10 20 0.56 10.83 1111 11.39 11.67 11.06 12.26 12.54 15 7.15 7.91 8.18 844 872 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 95 4 7.17 7.29 7.84 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 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5,44 6.20 6.51 6,82 7.13 744 7.75 8.07 8.39 8.72 9.05 939 9,73 10,08 25 501 5.85 6.15 6.45 6.76 707 7.39 7.72 8.06 8.40 8.74 4.09 9.45 9,81 30 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.34 878 8.60 7.69 8.05 8.41 9.15 9.53 35 3.99 5,05 5:38 5.71 6.05 6.39 675 7.11 7.47 784 8.22 8,99 9.37 Joe Levl bought a home in Arlington, Texas, for $131,000. He put down 30% and obtained a mortgage for 30 years at 5.50%, (Use Table 15.1.) a. What is Joe's monthly payment? (Round your Intermediate values and final answer to the nearest cent.) Monthly payment b. What is the total Interest cost of the loan? (Use 360 days a year. Round your Intermediate values and final answer to the nearest cent.) Total interest cost TABLE 15-1 Amortization table (mortgage princlpal and Interest per $1,000) INTEREST Term in years 3% 5% 6% 6% 7% 74% 8% 9% 10% 101% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 1240 12.67 12.94 13.22 13.50 13 78 12 852 9.25 0,51 076 10.02 10 20 0.56 10.83 1111 11.39 11.67 11.06 12.26 12.54 15 7.15 7.91 8.18 844 872 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 95 4 7.17 7.29 7.84 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 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5,44 6.20 6.51 6,82 7.13 744 7.75 8.07 8.39 8.72 9.05 939 9,73 10,08 25 501 5.85 6.15 6.45 6.76 707 7.39 7.72 8.06 8.40 8.74 4.09 9.45 9,81 30 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.34 878 8.60 7.69 8.05 8.41 9.15 9.53 35 3.99 5,05 5:38 5.71 6.05 6.39 675 7.11 7.47 784 8.22 8,99 9.37

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Joe Levi boucht home He put clawn for 30yar a ... View the full answer