Increasing the down payment on a mortgage reduces both the size of the monthly payments and the total interest paid. Calculate the reduction in the monthly payment by increasing the down payment by the amount specified, and the amount saved on interest over the life of the loan. Assume the mortgage is for 20 years and use the table to find the monthly payments Click the icon to view the table for the monthly payment Amount of Loan $160,000 Interest Rate OA $77.20, $18.528.00 OB. 357.28,513,747 20 OC. $58.72. $14.092 80 OD. 06.316.051.20 8% Down Payment $33,000 Increase in Down Payment $8.000 Table Monthly payments on a $1,000 loan A Interest Rate 753555 10% Number of Years for the Lea 3 $29.53 $22.58 $10.12 $6.06 $4.77 29.97 23.03 1061 6.60 5.37 30.42 23.49 11.10 7.16 600 31.34 24.41 12.13 8.36 7.34 32.27 25.36 13.22 965 8.78 26.33 14.35 1101 1029 33.21 Print Done X

Increasing the down payment on a mortgage reduces both the size of the monthly payments and the total interest paid. Calculate the reduction in the monthly payment by increasing the down payment by the amount specified, and the amount saved on interest over the life of the loan. Assume the mortgage is for 20 years and use the table to find the monthly payments Click the icon to view the table for the monthly payment Amount of Loan $160,000 Interest Rate OA $77.20, $18.528.00 OB. 357.28,513,747 20 OC. $58.72. $14.092 80 OD. 06.316.051.20 8% Down Payment $33,000 Increase in Down Payment $8.000 Table Monthly payments on a $1,000 loan A Interest Rate 753555 10% Number of Years for the Lea 3 $29.53 $22.58 $10.12 $6.06 $4.77 29.97 23.03 1061 6.60 5.37 30.42 23.49 11.10 7.16 600 31.34 24.41 12.13 8.36 7.34 32.27 25.36 13.22 965 8.78 26.33 14.35 1101 1029 33.21 Print Done X

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 7FPE

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