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EXAMPLE K.G. obtained a $156,000, 20-year balloon mortgage at 11.5% for 5 years. How much does K.G. still owe after five years? Mortgage Rate Term in Years $156,000 11.5% 20 Step 1: Look in the table. Find the percentage at 11.5% for 20 years. The percentage is 91.3%. Step 2: Multiply $156,000 by 91.3% $156,000 .913 468 000 X 1 560 00 140 400 0 $142,428.00 The principal remaining at the end of his 5-year balloon mortgage is $142,428.00. Mortgage Rate 1. $135,000 13% 2. $561,000 3. $98,000 4. $131,000 10.5% 15% 16% 5. $55,000 11.5% 6. $108,000 16% 7. $97,000 14% 8. $168,000 14.5% 9. $219,000 11.5% 10. $178,000 15.5% 11. $129,000 16% 20 20 20 Directions Compute the principal remaining at the end of each 5-year balloon mortgage. Term in years 30 30 20 20 30 20 30 20 Percentage of Mortgage Principal Left After 5 Years Term Remaining Principal Rate 10% 10.5% 11% 11.5% 12% 12.5% 13% 13.5 14% 14.5 15% 15.5% 16% 20 Yrs. 89.8% 90.3% 90.8% 91.3% 91.7% 92.2% 92.6% 93.1% 93.4% 93.7% 94.1% 94.4% 94.7% Mortgage Rate 15% 10% 10.5% 11% 12.5% 16% 12. $144,000 13. $176,000 14. $99,000 15. $154,000 16. $87,000 17. $79,000 18. $109,000 19. $89,000 11% 20. $1,255,000 12% 21. $68,000 10.5% 22. $58,000 14% 15.5% 20 20 30 30 30 30 20 Term in Remaining Principal years 20 30 Yrs. 96.6% 96.9% 97.2% 97.4% 97.7% 97.9% 98.1% 98.3% 20 98.4% 98.6% 98.7% 98.8% 99% 20 30

EXAMPLE K.G. obtained a $156,000, 20-year balloon mortgage at 11.5% for 5 years. How much does K.G. still owe after five years? Mortgage Rate Term in Years $156,000 11.5% 20 Step 1: Look in the table. Find the percentage at 11.5% for 20 years. The percentage is 91.3%. Step 2: Multiply $156,000 by 91.3% $156,000 .913 468 000 X 1 560 00 140 400 0 $142,428.00 The principal remaining at the end of his 5-year balloon mortgage is $142,428.00. Mortgage Rate 1. $135,000 13% 2. $561,000 3. $98,000 4. $131,000 10.5% 15% 16% 5. $55,000 11.5% 6. $108,000 16% 7. $97,000 14% 8. $168,000 14.5% 9. $219,000 11.5% 10. $178,000 15.5% 11. $129,000 16% 20 20 20 Directions Compute the principal remaining at the end of each 5-year balloon mortgage. Term in years 30 30 20 20 30 20 30 20 Percentage of Mortgage Principal Left After 5 Years Term Remaining Principal Rate 10% 10.5% 11% 11.5% 12% 12.5% 13% 13.5 14% 14.5 15% 15.5% 16% 20 Yrs. 89.8% 90.3% 90.8% 91.3% 91.7% 92.2% 92.6% 93.1% 93.4% 93.7% 94.1% 94.4% 94.7% Mortgage Rate 15% 10% 10.5% 11% 12.5% 16% 12. $144,000 13. $176,000 14. $99,000 15. $154,000 16. $87,000 17. $79,000 18. $109,000 19. $89,000 11% 20. $1,255,000 12% 21. $68,000 10.5% 22. $58,000 14% 15.5% 20 20 30 30 30 30 20 Term in Remaining Principal years 20 30 Yrs. 96.6% 96.9% 97.2% 97.4% 97.7% 97.9% 98.1% 98.3% 20 98.4% 98.6% 98.7% 98.8% 99% 20 30

Elementary Geometry For College Students, 7e
Elementary Geometry For College Students, 7e
7th Edition
ISBN:9781337614085
Author:Alexander, Daniel C.; Koeberlein, Geralyn M.
Publisher:Alexander, Daniel C.; Koeberlein, Geralyn M.
ChapterP: Preliminary Concepts
SectionP.CT: Test
Problem 1CT
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EXAMPLE K.G. obtained a $156,000, 20-year balloon mortgage at 11.5% for 5 years. How much does K.G. still owe after five years? Mortgage Rate Term in Years $156,000 11.5% 20 Step 1: Look in the table. Find the percentage at 11.5% for 20 years. The percentage is 91.3%. Step 2: Multiply $156,000 by 91.3% $156,000 .913 468 000 X 1 560 00 140 400 0 $142,428.00 The principal remaining at the end of his 5-year balloon mortgage is $142,428.00. Mortgage Rate 1. $135,000 13% 2. $561,000 10.5% 3. $98,000 15% 4. $131,000 16% 11.5% 5. $55,000 6. $108,000 16% 7. $97,000 14% 8. $168,000 14.5% 9. $219,000 11.5% 10. $178,000 11. $129,000 15.5% 16% 20 20 20 Directions Compute the principal remaining at the end of each 5-year balloon mortgage. Term in years Term in years 30 30 20 20 30 20 30 20 Percentage of Mortgage Principal Left After 5 Years Term Remaining Principal Rate 10% 10.5% 11% 11.5% 12% 12.5% 13% 13.5 14% 14.5 15% 15.5% 16% Mortgage Rate 20 Yrs. 89.8% 90.3% 90.8% 91.3% 91.7% 92.2% 92.6% 93.1% 93.4% 93.7% 94.1% 94.4% 94.7% 15% 12. $144,000 13. $176,000 10% 14. $99,000 10.5% 15. $154,000 11% 16. $87,000 12.5% 17. $79,000 16% 18. $109,000 15.5% 19. $89,000 11% 20. $1,255,000 12% 21. $68,000 10.5% 22. $58,000 14% 20 20 30 30 30 30 20 20 20 20 30 Yrs. 96.6% 96.9% 97.2% 97.4% 97.7% 97.9% 98.1% 98.3% 98.4% 98.6% 98.7% 98.8% 99% 30 Remaining Principal
Transcribed Image Text:EXAMPLE K.G. obtained a $156,000, 20-year balloon mortgage at 11.5% for 5 years. How much does K.G. still owe after five years? Mortgage Rate Term in Years $156,000 11.5% 20 Step 1: Look in the table. Find the percentage at 11.5% for 20 years. The percentage is 91.3%. Step 2: Multiply $156,000 by 91.3% $156,000 .913 468 000 X 1 560 00 140 400 0 $142,428.00 The principal remaining at the end of his 5-year balloon mortgage is $142,428.00. Mortgage Rate 1. $135,000 13% 2. $561,000 10.5% 3. $98,000 15% 4. $131,000 16% 11.5% 5. $55,000 6. $108,000 16% 7. $97,000 14% 8. $168,000 14.5% 9. $219,000 11.5% 10. $178,000 11. $129,000 15.5% 16% 20 20 20 Directions Compute the principal remaining at the end of each 5-year balloon mortgage. Term in years Term in years 30 30 20 20 30 20 30 20 Percentage of Mortgage Principal Left After 5 Years Term Remaining Principal Rate 10% 10.5% 11% 11.5% 12% 12.5% 13% 13.5 14% 14.5 15% 15.5% 16% Mortgage Rate 20 Yrs. 89.8% 90.3% 90.8% 91.3% 91.7% 92.2% 92.6% 93.1% 93.4% 93.7% 94.1% 94.4% 94.7% 15% 12. $144,000 13. $176,000 10% 14. $99,000 10.5% 15. $154,000 11% 16. $87,000 12.5% 17. $79,000 16% 18. $109,000 15.5% 19. $89,000 11% 20. $1,255,000 12% 21. $68,000 10.5% 22. $58,000 14% 20 20 30 30 30 30 20 20 20 20 30 Yrs. 96.6% 96.9% 97.2% 97.4% 97.7% 97.9% 98.1% 98.3% 98.4% 98.6% 98.7% 98.8% 99% 30 Remaining Principal
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