Complete the following table by using Table 15.1. (Do not round intermediate calculations. Round your answers to the nearest cent.):Selling price: $237,000Down payment: $47,400Amount mortgage: ??Rate: 6.00%Years: 15Monthly payment: ??First payment broken down into-- Interest: ?? Principal: ??Balance at end of month: ?? TABLE 15-1Amortization table (mortgage principal and interest per $1,000)INTERESTTermin years3%5%51%6%64%7%8%94%10일%7%8%9%10%11%109.8910.6110.8611.1111.3611.6211.8812.1412.4012.6712.9413.2213.5013.78128.529.259.519.7610.0210.2910.5610.8311.1111.3911.6711.9612.2512.54157.157.918.188.448.728.999.289.569.8510.1510.4510.7511.0611.37176.527.297.567.848.128.408.698.999.299.599.9010.2210.5410.86205.806.606.887.177.467.768.068.378.689.009.339.669.9910.33225.446.206.516.827.137.447.758.078.398.729.059.399.7310.08255.015.856.156.456.767.077.397.728.068.408.749.099.459.81304.505.375.686.006.336.667.007.347.698.058.418.789.159.53353.995.055.385.716.056.396.757.117.477.848.228.608.999.37

Mortgage amount (L) = Selling price - Down payment = $237000 - $47400 = $189600 r = 6% = 0.5% per…

Complete the following table by using Table 15.1. (Do not round intermediate calculations. Round your answers to the nearest cent.): Selling price: $237,000 Down payment: $47,400 Amount mortgage: ?? Rate: 6.00% Years: 15 Monthly payment: ?? First payment broken down into-- Interest: ?? Principal: ?? Balance at end of month: ??

Complete the following table by using Table 15.1. (Do not round intermediate calculations. Round your answers to the nearest cent.): Selling price: $237,000 Down payment: $47,400 Amount mortgage: ?? Rate: 6.00% Years: 15 Monthly payment: ?? First payment broken down into-- Interest: ?? Principal: ?? Balance at end of month: ??

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Daniel and Jan agreed to pay $552,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $50,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. (Use Table 15.1) a. How much is their monthly payment? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Monthly payment b. After the first payment, what would be the balance of the principal? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Portion to- Balance of loan Payment number outstanding Interest Principal ...**Y acer Σ
ezto.mi Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Number of Total of monthly payments $5,849.76 Total finance monthly payments Amount Purchase price of a used car $5,793 Down charge $1,339.76 financed APR payment $1, 283 48 $4,510 13% Monthly Payment es By table By formula
TABLE 14.2 Loan amortization table (monthly payment per $1.000 to pay principal and interest on installment loan) Terms in months 7.50% 8% 8.50% 9% 10.00% 10.50% 11.00% I1.50% 12.00% 6. $170.34 $170.58 $170.83 $171.20 $171.56 $171.81 $172.05 $172.30 $172.55 12 86.76 86.99 87.22 87.46 87.92 88.15 88.38 88.62 88.85 18 58.92 59.15 59.37 59.60 60.06 60.29 60.52 60.75 60.98 24 45.00 45.23 45.46 45.69 46.14 46.38 46.61 46.84 47.07 30 36.66 36.89 37.12 37.35 37.81 38.04 38.28 38.51 38.75 36 31.11 31.34 31.57 31.80 32.27 32.50 32.74 32.98 33.21 42 27.15 27.38 27.62 27.85 28.32 28.55 28.79 29.03 29.28 48 24.18 24.42 24.65 24.77 25.36 25.60 25.85 26.09 26.33 54 21.88 22.12 22.36 22.59 23.07 23.32 23.56 23.81 24.06 60 20.04 20.28 20.52 20.76 21.25 21.49 21.74 21.99 22.24 TABLE 14.2 (concluded) Terms in months 12.50% 13.00% 13.50% 14.00% 15.00% 15.50% 16.00% 6. $172.80 $173.04 $173.29 $173.54 S173.79 $174.03 $174.28 $174.53 12 89.08 89.32 89.55 89.79 90.02 90.26 90.49 90.73 18 61.21 61.45 61.68…
ist K Rate % 4.0 4.5 5.0 Monthly Principal and Interest Payment per $1000 of Mortgage Number of Years 20 10 15 25 30 $10.12451 $7.39688 $6.05980 $5.27837 $4.77415 $10.36384 $7.64993 $6.32649 $5.55832 $5.06685 $10.60555 $7.90794 $6.59956 $5.84590 $5.36822 $10.85263 $8.17083 $5.87887 $6.14087 $5.67789 $11.10205 $8.43857 $7.16431 $6.44301 $5.99551 $11.35480 $8.71107 $7.45573 $6.75207 $6.32068 $6.65302 $6.99215 5.5 6.0 6.5 7.0 7.5 Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $245,000 and the annual percentage rate (APR) is 5.5% 8.0 8.5 9.0 9.5 The monthly principal and interest payment is S (Round to the nearest cent as needed.) $7.75299 $7.06779 $8.05593 $7.38991 $12.13276 $9.55652 $8.36440 $7.71816 $12.39857 $9.84740 $8.67823 $8.05227 $11.61085 $8.98828 $11.87018 $9.27012 $12.66758 $10.14267 $8.99726 $8.39196 $8.04523 $12.93976 $10.44225 $9.32131 $8.73697 $8.40854 Print $7.33765 $7.68913 Done Click here for table of Monthly…
Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $285,000 and the annual percentage rate (APR) is 4.0%. The monthly principal and interest payment is (Round to the nearest cent as needed.).
Question content area top Part 1 Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $405,398 5.25% 35 $2111.08
The Ruffins are negotiating with two banks for a mortgage to buy a house selling for $145,000. The terms at bank A are a 25% down payment, an interest rate of 10%, a 30-year conventional mortgage, and 3 points to be paid at the time of closing. The terms at bank B are a 15% down payment, an interest rate of 11.0%, a 25-year conventional mortgage, and no points. Which loan should the Ruffins select in order for the total cost of the house to be less? Click the icon to view the table of monthly payments. From which bank should the Ruffins take the loan? Bank B O Bank A
Based on Exhibit 7-7, what would be the monthly mortgage payments for each of the following situations? (Round your answers to 2 decimal places.) a. A $161,000, 15-year loan at 5.5 percent. b. A $216,000, 30-year loan at 6 percent. c. A $192,000, 20-year loan at 5.5 percent.
TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 6 12 18 24 30 36 42 48 54 60 7.50% $ 170.34 86.76 58.92 45.00 36.66 31.11 27.15 24.18 21.88 20.04 8.00% $ 170.58 86.99 59.15 45.23 36.89 31.34 27.38 24.42 22.12 20.28 8.50% $ 170.83 87.22 59.37 45.46 37.12 31.57 27.62 24.65 22.36 20.52 9.00% $ 171.20 87.46 59.60 45.69 37.35 31.80 27.85 24.77 22.59 20.76 10.00% $ 171.56 87.92 60.06 46.14 37.81 32.27 28.32 25.36 23.07 21.25 10.50% $ 171.81 88.15 60.29 46.38 38.04 32.50 28.55 25.60 23.32 21.49 11.00% $ 172.05 88.38 60.52 46.61 38.28 32.74 28.79 25.85 23.56 21.74 11.50% $ 172.30 88.62 60.75 46.84 38.51 32.98 29.03 26.09 23.81 21.99 12.00% $ 172.55 88.85 60.98 47.07 38.75 33.21 29.28 26.33 24.06 22.24 12.50% $ 172.80 89.08 61.21 47.31 38.98 33.45 29.52 26.58 24.31 22.50 13.00% $ 173.04 89.32 61.45 47.54 39.22 33.69 29.76 26.83 24.56 22.75 13.50% $ 173.29 89.55 61.68 47.78 39.46 33.94 30.01 27.08 24.81 23.01…
Sonia wants to have $13,000 in 10 years. Use Table 11-2 to calculate how much she should invest now (in $) at 6% interest, compounded semiannually in order to reach this goal. (Round your answer to the nearest cent.) $
Suppose that you invest $9,000 at 6% interest, compound quarterly, for 5 years. use Table 11-1 to calculate the compound interest (in $) on your investment.
Solve the following problem using elther Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) George Invests $12,875, at 6% interest, semiannually for 8 years. Calculate the compound amount for his investment. O $7,785.64 O $19,055.00 O $20,520.82 O $20,660.64

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS