Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $255,000 and the annual percentage rate (APR) is 5.0%. Click here for table of Monthly Payments LOADING... The monthly principal and interest payment is $ Number of Years Rate % 10 15 20 25 30 4.0 $10.12451 $7.39688 $6.05980 $5.27837 $4.77415 4.5 $10.36384 $7.64993 $6.32649 $5.55832 $5.06685 5.0 $10.60555 $7.90794 $6.59956 $5.84590 $5.36822 5.5 $10.85263 $8.17083 $6.87887 $6.14087 $5.67789 6.0 $11.10205 $8.43857 $7.16431 $6.44301 $5.99551 6.5 $11.35480 $8.71107 $7.45573 $6.75207 $6.32068 7.0 $11.61085 $8.98828 $7.75299 $7.06779 $6.65302 7.5 $11.87018 $9.27012 $8.05593 $7.38991 $6.99215 8.0 $12.13276 $9.55652 $8.36440 $7.71816 $7.33765 8.5 $12.39857 $9.84740 $8.67823 $8.05227 $7.68913 9.0 $12.66758 $10.14267 $8.99726 $8.39196 $8.04623 9.5 $12.93976 $10.44225 $9.32131 $8.73697 $8.40854
Determine the monthly principal and interest payment for a 20-year mortgage when the amount financed is $255,000 and the annual percentage rate (APR) is 5.0%. Click here for table of Monthly Payments LOADING... The monthly principal and interest payment is $ Number of Years Rate % 10 15 20 25 30 4.0 $10.12451 $7.39688 $6.05980 $5.27837 $4.77415 4.5 $10.36384 $7.64993 $6.32649 $5.55832 $5.06685 5.0 $10.60555 $7.90794 $6.59956 $5.84590 $5.36822 5.5 $10.85263 $8.17083 $6.87887 $6.14087 $5.67789 6.0 $11.10205 $8.43857 $7.16431 $6.44301 $5.99551 6.5 $11.35480 $8.71107 $7.45573 $6.75207 $6.32068 7.0 $11.61085 $8.98828 $7.75299 $7.06779 $6.65302 7.5 $11.87018 $9.27012 $8.05593 $7.38991 $6.99215 8.0 $12.13276 $9.55652 $8.36440 $7.71816 $7.33765 8.5 $12.39857 $9.84740 $8.67823 $8.05227 $7.68913 9.0 $12.66758 $10.14267 $8.99726 $8.39196 $8.04623 9.5 $12.93976 $10.44225 $9.32131 $8.73697 $8.40854
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
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 6FPE
Related questions
Question
Determine the monthly principal and interest payment for a
20-year
mortgage when the amount financed is
$255,000
and the annual percentage rate (APR) is
5.0%.
Click here for table of Monthly Payments
LOADING...
The monthly principal and interest payment is
$
|
Number of Years
|
|||||
|---|---|---|---|---|---|
|
Rate %
|
10
|
15
|
20
|
25
|
30
|
|
4.0
|
$10.12451
|
$7.39688
|
$6.05980
|
$5.27837
|
$4.77415
|
|
4.5
|
$10.36384
|
$7.64993
|
$6.32649
|
$5.55832
|
$5.06685
|
|
5.0
|
$10.60555
|
$7.90794
|
$6.59956
|
$5.84590
|
$5.36822
|
|
5.5
|
$10.85263
|
$8.17083
|
$6.87887
|
$6.14087
|
$5.67789
|
|
6.0
|
$11.10205
|
$8.43857
|
$7.16431
|
$6.44301
|
$5.99551
|
|
6.5
|
$11.35480
|
$8.71107
|
$7.45573
|
$6.75207
|
$6.32068
|
|
7.0
|
$11.61085
|
$8.98828
|
$7.75299
|
$7.06779
|
$6.65302
|
|
7.5
|
$11.87018
|
$9.27012
|
$8.05593
|
$7.38991
|
$6.99215
|
|
8.0
|
$12.13276
|
$9.55652
|
$8.36440
|
$7.71816
|
$7.33765
|
|
8.5
|
$12.39857
|
$9.84740
|
$8.67823
|
$8.05227
|
$7.68913
|
|
9.0
|
$12.66758
|
$10.14267
|
$8.99726
|
$8.39196
|
$8.04623
|
|
9.5
|
$12.93976
|
$10.44225
|
$9.32131
|
$8.73697
|
$8.40854
|
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