Homework Answers
Total Loan amount: $ 165000
Rate of Interest: 5.5%
Time: 30 years
From the given table it is clear that at 5.5% ROI and 30 Years time period monthly installment comprising of Interest and Principal amount for borrowing $1000 is $5.68
As total loan amount is $165000
Now; 165000/1000 = 165
Thus his installment per month is : 165*5.68 = $937.2
Per month installment is $937.2
Add Answer to:
Q. David purchase a building for $ 165000 at 5.5% interest for 30 years. Use the...
Bob Jones bought a new log cabin for $81,000 at 10% interest for 30 years. Prepare...
Bob Jones bought a new log cabin for $81,000 at 10% interest for
30 years. Prepare an amortization schedule for the first three
periods. (Use Table 15.1.) (Do not round intermediate
calculations. Round your final answers to the nearest
cent.)
Portion to—
Payment number
Interest
Principal
Balance of loan
outstanding
1
$
$
$
2
$
$
$
3
$
$
$
TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) INTEREST Term 31% 9.89 10.6 10.86 11.11 1136...
Joe Levi bought a home in Arlington, Texas, for $126,000. He put down 30% and obtained a mortgage for 30 years at 7.00%....
Joe Levi bought a home in Arlington, Texas, for $126,000. He put
down 30% and obtained a mortgage for 30 years at 7.00%. What is the
difference in interest cost if he had obtained a mortgage rate of
5.00%? (Use Table 15.1.) (Use 360 days a
year. Round your intermediate values and final answer to the
nearest cent.)
Difference
$
15.1 TABLE Amortization table (mortgage principal and interest per $1,000) INTEREST Term 8/% 31% s% 61% 7% 92% 102% 10%...
3 You have a mortgage of $73,000 at 9.75% for 30 years. Find the monthly payment...
3 You have a mortgage of $73,000 at 9.75% for 30 years. Find the
monthly payment and the total interest. Use Table 14-1 and enter
the total interest as your answer.
TABLE 14-1 Monthly Payments to Amortize Principal and Interest per $1,000 Financed Interest Rate(%) 3.50 3.75 4.18 4.50 4.00 4.25 4.50 4.75 5.00 5.25 5.50 8.04 6.00 5.53 5.75 6.00 6.25 6.50 6.75 7.00 7.07 7.25 SO Monthly Payments (Necessary to amortize a loan of $1,000) 5 10 15...
https Exhibit 7-7 20 Years 15 Years 25 Yours 30 Years Tern Rate Mortgage Payment Factors (principal and interest...
https Exhibit 7-7 20 Years 15 Years 25 Yours 30 Years Tern Rate Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) $6.91 $5.55 $4.74 $4.22 3.0% 7.15 5.80 5.01 4.49 3.5 7 40 6.06 5.28 4.77 4.0 7.65 6.33 5.56 5.07 4.5 7.91 6.60 5.85 5.37 5.0 6.88 8.17 5.68 6.14 5.5 8.43 7.16 6.44 6.00 6.0 8.71 6.32 6.67 7.45 6.5 8.98 7.75 6.65 7.06 7.0 9.27 8.06 7.5 6.99 7.30 9.56 8.0 7.34 7.72...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round
time value factor to 2 decimal places, intermediate and final
answers to the nearest whole number.)
Monthly gross income
$
3,450
Down payment to be made (percent of purchase price)
20
Percent
Other debt (monthly payment)
$
220
Monthly estimate for property taxes and insurance
$
280
30-year loan
7.0
Percent
Affordable...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9)
(Round time value factor to 2 decimal places, intermediate
and final answers to the nearest whole dollar.)
Monthly gross income
$
4,700
Down payment to be made (percent of purchase
price)
20
percent
Other debt (monthly payment)
$
260
Monthly estimate for property taxes and
insurance
$
490
30-year loan
8.5...
Costs associated with buying a house, condo, etc. The price of a home is $100,000. The...
Costs associated with buying a house, condo, etc. The price of a home is $100,000. The bank requires a 20% down payment and 2 points at time of closing. The cost of the loan is financed with 30-year fixed rate mortgage at 4.5%. A. Find the required down payment B. Find the amount of the mortgage C. How must be paid for the 2 points at closing (1 point = 1% mortgage ) D. Find the Monthly payment 1. amount...
Bob Jones bought a new log cabin for $81,000 at 10% interest for
30 years. Prepare an amortization schedule for the first three
periods. (Use Table 15.1.) (Do not round intermediate
calculations. Round your final answers to the nearest
cent.)
Portion to—
Payment number
Interest
Principal
Balance of loan
outstanding
1
$
$
$
2
$
$
$
3
$
$
$
TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) INTEREST Term 31% 9.89 10.6 10.86 11.11 1136...
Joe Levi bought a home in Arlington, Texas, for $126,000. He put
down 30% and obtained a mortgage for 30 years at 7.00%. What is the
difference in interest cost if he had obtained a mortgage rate of
5.00%? (Use Table 15.1.) (Use 360 days a
year. Round your intermediate values and final answer to the
nearest cent.)
Difference
$
15.1 TABLE Amortization table (mortgage principal and interest per $1,000) INTEREST Term 8/% 31% s% 61% 7% 92% 102% 10%...
3 You have a mortgage of $73,000 at 9.75% for 30 years. Find the
monthly payment and the total interest. Use Table 14-1 and enter
the total interest as your answer.
TABLE 14-1 Monthly Payments to Amortize Principal and Interest per $1,000 Financed Interest Rate(%) 3.50 3.75 4.18 4.50 4.00 4.25 4.50 4.75 5.00 5.25 5.50 8.04 6.00 5.53 5.75 6.00 6.25 6.50 6.75 7.00 7.07 7.25 SO Monthly Payments (Necessary to amortize a loan of $1,000) 5 10 15...
https Exhibit 7-7 20 Years 15 Years 25 Yours 30 Years Tern Rate Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) $6.91 $5.55 $4.74 $4.22 3.0% 7.15 5.80 5.01 4.49 3.5 7 40 6.06 5.28 4.77 4.0 7.65 6.33 5.56 5.07 4.5 7.91 6.60 5.85 5.37 5.0 6.88 8.17 5.68 6.14 5.5 8.43 7.16 6.44 6.00 6.0 8.71 6.32 6.67 7.45 6.5 8.98 7.75 6.65 7.06 7.0 9.27 8.06 7.5 6.99 7.30 9.56 8.0 7.34 7.72...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round
time value factor to 2 decimal places, intermediate and final
answers to the nearest whole number.)
Monthly gross income
$
3,450
Down payment to be made (percent of purchase price)
20
Percent
Other debt (monthly payment)
$
220
Monthly estimate for property taxes and insurance
$
280
30-year loan
7.0
Percent
Affordable...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9)
(Round time value factor to 2 decimal places, intermediate
and final answers to the nearest whole dollar.)
Monthly gross income
$
4,700
Down payment to be made (percent of purchase
price)
20
percent
Other debt (monthly payment)
$
260
Monthly estimate for property taxes and
insurance
$
490
30-year loan
8.5...
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