Amortization table (mortgage principal and interest per $1,000)InterestOnly0.166670.177080.187500.197920.208330218750.229170.239580.25000#Rate2.0002.1252.2502.3752.5002.6252.7502.8753.0003.1250.260423.2500.270833.3750.281253.5000.291673.6250.302083.7500.312503.8750.322924.0000.333334.1250.343754.2500.354174.3750.364584.5000.375004.6250.385424.750 0.395834.8750.406250.416670.427080.437500.447920.458330.468750.479170.489580.500000.510420.52083Type here to search5.0005.1255.2505.3755.5005.6255.7505.8756.0006.1256.25020 Year15 Year30 Year25 Year9.201355.058833.696196.435094.238549.257436.492815.118254.299663.759029.31374 6.550855.178084.36131 3.822469.370266.609215.238344.423483.886539.42699 6.667895.299034.486173.951219.483946.726895.36014 4.549384.016519.541106.78622 5.421664.61311 4.082419.59848 6.845865.483614.677354.148929.65607 6.905825.545984.742114.216049.71388 6.966095.608764.807384.283759.771907.026695.67196 4.87316 4.352069.830147.087605.73557 4.939454.420969.888597.148835.79960 5.006244.490459.947257.210375,864045.073524.5605110.006127.272225.928885.141314.6311610.065217.33440 5.994145.209594.7023710.124517.39688 6.059805.278374.7741510.184037.45968 6.125875.347634.8465010.24375 7.52278 6.19234 5.41738 4.9194010.303697.586206.259225.487614.992857.649936.32649 5.558325.066856.394175.62951 5.141406.462245.701175.216476.530705.292086.599565.368225.444875.522045.599715.677895.756565.835735.915385.995516.076116.1571710 Year10.3638410.42420 7.7139710.484777.7783210.54556 7.8429710.606557.9079410.6677610.72917 8.0387810.790798.104658.170838.237328.304108.371188.438578.506258.5742310.8526310.914677.97320 6.668816.738446.808476.878876.949667,020847.092387.164317.2366173092810.9769211.0393811.1020511.1649311 228015.773305.845905.918965.992486.066456.140876.215756.291066.366826.443016.519646.5966940 Year3.028263.094443.161423,229213.297783.367143.437283.508183.579843.652263.725413.799303.873913.949234.025264.101984.179384.257464.336204.415594.495634.576294.657584.739474.821974.905054.988705.072935.157705.243025.328885.415255.502145.58952567740 If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach20% equity. Keep track of when you reach 20% equity so you can request to have your PMI removed. Ken Buckmiller's home recentlyappraised at $293.000. His mortgage was for $278,000 at 5% for 30 years with PMI of $259.17 per month. What is his monthlypayment plus PMI? His mortgage balance is currently $178,100. Has he reached 20% equity? (Use Table 15.1.)Note: Round your intermediate calculations and final answer to the nearest cent.Monthly paymentHas he reached 20% equity?

The time period is 30 years: PMI is $259.17 The interest rate is 5% Mortgage balance is $278,000 To…

If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach 20% equity. Keep track of when you reach 20% equity so you can request to have your PMI removed. Ken Buckmiller's home recently appraised at $293,000. His mortgage was for $278,000 at 5% for 30 years with PMI of $259.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $178,100. Has he reached 20% equity? (Use Table 15.1.) Note: Round your intermediate calculations and final answer to the nearest cent. Monthly payment Has he reached 20% equity?

If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach 20% equity. Keep track of when you reach 20% equity so you can request to have your PMI removed. Ken Buckmiller's home recently appraised at $293,000. His mortgage was for $278,000 at 5% for 30 years with PMI of $259.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $178,100. Has he reached 20% equity? (Use Table 15.1.) Note: Round your intermediate calculations and final answer to the nearest cent. Monthly payment Has he reached 20% equity?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach 20% equity. Keep track of when you reach 20% equity so you can request to have your PMI removed. Ken Buckmiller’s home recently appraised at $290,000. His mortgage was for $275,000 at 5% for 30 years with PMI of $229.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $222,990. Has he reached 20% equity? (Use Table 15.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach 20% equity. Keep track of when you reach 20% equity so you can request to have your PMI removed. Ken Buckmiller’s home recently appraised at $307,000. His mortgage was for $292,000 at 5% for 30 years with PMI of $299.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $184,200. Has he reached 20% equity? (Use Table 15.1.) Note: Round your intermediate calculations and final answer to the nearest cent. Monthly payment Has he reached 20% equity? Yes TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921…
If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach 20% equity. Keep track of when you reach 20% equity so you can request to have your PMI removed. Ken Buckmiller’s home recently appraised at $290,000. His mortgage was for $275,000 at 5% for 30 years with PMI of $229.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $222,990. Has he reached 20% equity? (Use Table 15.1.) (Do not round intermediate calculations. Round your answer to the nearest cent.) ****TABLE ATTACHED***** Monthly payment- Has he reached 20% equity-
If you buy a home with less than 20% down, you will pay an additional monthly fee, PMI (private mortgage insurance), until you reach 20% equity. Keep track of when you reach 20% equity so you can request to have your PMI removed. Ken Buckmiller’s home recently appraised at $307,000. His mortgage was for $292,000 at 5% for 30 years with PMI of $299.17 per month. What is his monthly payment plus PMI? His mortgage balance is currently $184,200. Has he reached 20% equity? (Use Table 15.1.) Note: Round your intermediate calculations and final answer to the nearest cent. The answer is NOT $1,866.63 Monthly payment:????
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