Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:Using this table as needed, calculate the required information for the
mortgage.
Number
Table
Monthly
Payment
(in $)
Term
Total
Amount
Interest
of Loan
of $1,000s
Financed
Factor
Interest
Financed
Rate
(years)
(in $)
(in $)
$78,500
8.00%
30
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- Use exact interest method to find rate of interest on a loan of $9000 for 354 days if amount of interest is $$489.50 6.1%5.6%4.9%5.4%arrow_forwardUse this table to find the monthly mortgage payments, when necessary. Find the total interest for a mortgage of $116,500 at 7% for 30 years. $158,513.28 $162,401.00 $180,473.34 $270,509.00arrow_forwardMake an amortization table to show the first two payments for the mortgage. Amount of mortgage $401,995 Month 1 2 (Round to the Annual interest rate Years in mortgage Monthly payment 5.25% Monthly payment $2093.36 Interest $2093.36 est cent as needed.) $ 35 Principal $2093.36 End-of-month principal $arrow_forward
- For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Appraised Lender's Value Percentage of Percentage Appraised Value (in $) Balance of First Mortgage $358,700 75% $ $198,500 $ Potential Credit (in $)arrow_forwardAs 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.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $280,000 3.50% 25 $ $6,573 $2,156 $arrow_forwardGive typing answer with explanation and conclusionarrow_forward
- Pls help on this question. Pls show all steps and complete all parts pls I beg pls pls pls pls pls pls i beg.arrow_forwardUsing this table as needed, calculate the required information for the mortgage. Number Table Total Monthly Payment (in $) Term Amount Interest of Loan of $1,000s Factor Interest Financed Rate (years) Financed (in $) (in $) $85,500 8.00% 30 %24 %24 %24arrow_forwardAs 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.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $220,000 7.50% 25 $ $6,543 $2,156 $arrow_forward
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