Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) 5 Interest Rate (%) Years 18.19 18.30 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00 9.25 9.50 9.75 10.00 10.25 10.50 10.75 11.00 11.25 11.50 11.75 12.00 12.25 12.50 12.75 13.00 - 18.42 18.53 18.64 18.76 18.87 18.99 19.10 19.22 19.33 19.45 19.57 19.68 19.80 19.92 20.04 20.16 20.28 20.40 20.52 20.64 20.76 20.88 21.00 21.12 21.25 21.37 21.49 21.62 21.74 21.87 21.99 22.12 22.24 22.37 22.50 22.63 22.75 - 10 Years 9.89 10.01 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 11.61 11.74 11.87 12.00 12.13 12.27 12.40 12.53 12.67 12.80 12.94 13.08 13.22 13.35 13.49 13.63 13.78 13.92 14.06 14.20 14.35 14.49 14.64 14.78 14.93 ...... 15 Years 7.15 7.27 7.40 7.52 7.65 7.78 7.91 8.04 8.17 8.30 8.44 8.57 8.71 8.85 8.99 9.13 9.27 9.41 9.56 9.70 9.85 9.99 10.14 10.29 10.44 10.59 10.75 10.90 11.05 11.21 ...... 11.37 11.52 11.68 11.84 12.00 12.16 12.33 12.49 12.65 20 Years 5.80 5.93 6.06 6.19 6.33 6.46 6.60 6.74 6.88 7.02 7.16 7.31 7.46 7.6 7.75 7.90 8.06 8.21 8.36 8.52 8.68 8.84 9.00 9.16 9.32 9.49 9.65 9.82 9.98 10.15 10.32 10.49 10.66 10.84 11.01 11.19 11.36 11.54 11.72 25 Years 5.01 5.14 5.28 5.42 5.56 5.70 5.85 5.99 6.14 6.29 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55 7.72 7.88 8.05 8.22 8.39 8.56 8.74 8.91 9.09 9.26 9.44 9.62 9.80 9.98 10.16 10.35 10.53 10.72 10.9 11.09 11.28 30 Years 4.49 4.63 4.77 4.92 5.07 5.22 5.37 5.52 5.68 5.84 6.00 6.16 6.32 6.49 6.65 6.82 6.99 7.16 7.34 7.51 7.69 7.87 8.05 8.23 8.41 8.59 8.78 8.96 9.15 9.33 9.52 9.71 9.90 10.09 10.29 10.48 10.67 10.87 11.06 35 Years 4.13 4.28 4.43 4.58 4.73 4.89 5.05 5.21 5.37 5.54 T 5.70 5.87 6.04 6.21 6.39 6.56 6.74 6.92 7.10 7.28 7.47 7.65 7.84 8.03 8.22 8.41 8.60 8.79 8.98 9.18 9.37 9.56 9.76 9.96 10.16 10.35 10.55 10.75 10.95 40 Years 3.87 4.03 4.18 4.34 4.50 4.66 4.82 4.99 5.16 5.33 5.50 5.68 5.85 6.03 6.21 6.40 6.58 6.77 6.95 7.14 7.33 7.52 7.71 7.91 8.10 8.30 8.49 8.69 8.89 9.08 9.28 9.48 9.68 9.88 10.08 10.29 10.49 10.69 10.90
Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) 5 Interest Rate (%) Years 18.19 18.30 3.50 3.75 4.00 4.25 4.50 4.75 5.00 5.25 5.50 5.75 6.00 6.25 6.50 6.75 7.00 7.25 7.50 7.75 8.00 8.25 8.50 8.75 9.00 9.25 9.50 9.75 10.00 10.25 10.50 10.75 11.00 11.25 11.50 11.75 12.00 12.25 12.50 12.75 13.00 - 18.42 18.53 18.64 18.76 18.87 18.99 19.10 19.22 19.33 19.45 19.57 19.68 19.80 19.92 20.04 20.16 20.28 20.40 20.52 20.64 20.76 20.88 21.00 21.12 21.25 21.37 21.49 21.62 21.74 21.87 21.99 22.12 22.24 22.37 22.50 22.63 22.75 - 10 Years 9.89 10.01 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 11.61 11.74 11.87 12.00 12.13 12.27 12.40 12.53 12.67 12.80 12.94 13.08 13.22 13.35 13.49 13.63 13.78 13.92 14.06 14.20 14.35 14.49 14.64 14.78 14.93 ...... 15 Years 7.15 7.27 7.40 7.52 7.65 7.78 7.91 8.04 8.17 8.30 8.44 8.57 8.71 8.85 8.99 9.13 9.27 9.41 9.56 9.70 9.85 9.99 10.14 10.29 10.44 10.59 10.75 10.90 11.05 11.21 ...... 11.37 11.52 11.68 11.84 12.00 12.16 12.33 12.49 12.65 20 Years 5.80 5.93 6.06 6.19 6.33 6.46 6.60 6.74 6.88 7.02 7.16 7.31 7.46 7.6 7.75 7.90 8.06 8.21 8.36 8.52 8.68 8.84 9.00 9.16 9.32 9.49 9.65 9.82 9.98 10.15 10.32 10.49 10.66 10.84 11.01 11.19 11.36 11.54 11.72 25 Years 5.01 5.14 5.28 5.42 5.56 5.70 5.85 5.99 6.14 6.29 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55 7.72 7.88 8.05 8.22 8.39 8.56 8.74 8.91 9.09 9.26 9.44 9.62 9.80 9.98 10.16 10.35 10.53 10.72 10.9 11.09 11.28 30 Years 4.49 4.63 4.77 4.92 5.07 5.22 5.37 5.52 5.68 5.84 6.00 6.16 6.32 6.49 6.65 6.82 6.99 7.16 7.34 7.51 7.69 7.87 8.05 8.23 8.41 8.59 8.78 8.96 9.15 9.33 9.52 9.71 9.90 10.09 10.29 10.48 10.67 10.87 11.06 35 Years 4.13 4.28 4.43 4.58 4.73 4.89 5.05 5.21 5.37 5.54 T 5.70 5.87 6.04 6.21 6.39 6.56 6.74 6.92 7.10 7.28 7.47 7.65 7.84 8.03 8.22 8.41 8.60 8.79 8.98 9.18 9.37 9.56 9.76 9.96 10.16 10.35 10.55 10.75 10.95 40 Years 3.87 4.03 4.18 4.34 4.50 4.66 4.82 4.99 5.16 5.33 5.50 5.68 5.85 6.03 6.21 6.40 6.58 6.77 6.95 7.14 7.33 7.52 7.71 7.91 8.10 8.30 8.49 8.69 8.89 9.08 9.28 9.48 9.68 9.88 10.08 10.29 10.49 10.69 10.90
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed
Monthly Payments
(Necessary to amortize a loan of $1,000)
Interest
Rate (%)
3.50
3.75
4.00
4.25
4.50
4.75
5.00
5.25
5.50
5.75
6.00
6.25
6.50
6.75
7.00
7.25
7.50
7.75
8.00
8.25
8.50
8.75
9.00
9.25
9.50
9.75
10.00
10.25
10.50
10.75
11.00
11.25
11.50
11.75
12.00
12.25
12.50
12.75
13.00
5
Years
18.19
18.30
18.42
18.53
18.64
18.76
18.87
18.99
19.10
19.22
19.33
19.45
19.57
19.68
19.80
19.92
20.04
20.16
20.28
20.40
20.52
20.64
20.76
20.88
21.00
21.12
21.25
21.37
21.49
21.62
21.74
21.87
21.99
22.12
22.24
22.37
22.50
22.63
22.75
▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬
10
Years
9.89
10.01
10.12
10.24
10.36
10.48
10.61
10.73
10.85
10.98
11.10
11.23
11.35
11.48
11.61
11.74
11.87
12.00
12.13
12.27
12.40
12.53
12.67
12.80
12.94
13.08
13.22
13.35
13.49
13.63
13.78
13.92
14.06
14.20
14.35
14.49
14.64
14.78
14.93
+mm
15
Years
7.15
7.27
7.40
7.52
7.65
7.78
7.91
8.04
8.17
8.30
8.44
8.57
8.71
8.85
8.99
9.13
9.27
9.41
9.56
9.70
9.85
9.99
10.14
10.29
10.44
10.59
10.75
10.90
11.05
11.21
11.37
11.52
11.68
11.84
12.00
12.16
12.33
12.49
12.65
20
Years
5.80
5.93
6.06
6.19
6.33
6.46
6.60
6.74
6.88
7.02
7.16
7.31
7.46
7.6
7.75
7.90
8.06
8.21
8.36
8.52
8.68
8.84
9.00
9.16
9.32
9.49
9.65
9.82
9.98
10.15
10.32
10.49
10.66
10.84
11.01
11.19
11.36
11.54
11.72
LL.....
25
Years
5.01
5.14
5.28
5.42
5.56
5.70
5.85
5.99
6.14
6.29
6.44
6.60
6.75
6.91
7.07
7.23
7.39
7.55
7.72
7.88
8.05
8.22
8.39
8.56
8.74
8.91
9.09
9.26
9.44
9.62
9.80
9.98
10.16
10.35
10.53
10.72
10.9
11.09
11.28
30
Years
4.49
4.63
4.77
4.92
5.07
5.22
5.37
5.52
5.68
5.84
6.00
6.16
6.32
6.49
6.65
6.82
6.99
7.16
7.34
7.51
7.69
7.87
8.05
8.23
8.41
8.59
8.78
8.96
9.15
9.33
9.52
9.71
9.90
10.09
10.29
10.48
10.67
10.87
11.06
35
Years
4.13
4.28
4.43
4.58
4.73
4.89
5.05
5.21
5.37
5.54
5.70
5.87
6.04
6.21
6.39
6.56
6.74
6.92
7.10
7.28
7.47
7.65
7.84
8.03
8.22
8.41
8.60
8.79
8.98
9.18
9.37
9.56
9.76
9.96
10.16
10.35
10.55
10.75
10.95
40
Years
3.87
4.03
4.18
4.34
4.50
4.66
4.82
4.99
5.16
5.33
5.50
5.68
5.85
6.03
6.21
6.40
6.58
6.77
6.95
7.14
7.33
7.52
7.71
7.91
8.10
8.30
8.49
8.69
8.89
9.08
9.28
9.48
9.68
9.88
10.08
10.29
10.49
10.69
10.90
Transcribed Image Text:As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.)
Amount Interest
Financed
Rate
$220,000 7.50%
Term
of Loan
(years)
25
$
Monthly
PI
Annual
Property
Tax
$6,543
Annual
Insurance
$2,126
$
Monthly
PITI
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