Problem 95 Calculating Monthly Mortgage Payments [LO94] Based on Exhibit 99, or using a financial calculator,...
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Problem 95 Calculating Monthly Mortgage Payments [LO94] Based on Exhibit 99, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? Monthly Mortgage Payment a. $59,000, 15year loan at 6.50 percent. b. $155,000, 30year loan at 4.00 percent. c. $128,000, 20year loan at 8.00 percent. d1. Longer mortgage terms mean a d2. For increase in mortgage rate lower monthly payment. higher monthly payment is required. Problem 95 Calculating Monthly Mortgage Payments [LO94] Based on Exhibit 99, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? Monthly Mortgage Payment a. $59,000, 15year loan at 6.50 percent. b. $155,000, 30year loan at 4.00 percent. c. $128,000, 20year loan at 8.00 percent. d1. Longer mortgage terms mean a d2. For increase in mortgage rate lower monthly payment. higher monthly payment is required.
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