Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) (table is attached) Amount Financed = 163,300 Interest Rate = 7.25% Term of Loan (years) = 15 Table Factor (in $) = 9.13 Solve for the following: Number of $1,000s Financed Monthly Payment (in $) Total Interest (in $)
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) (table is attached) Amount Financed = 163,300 Interest Rate = 7.25% Term of Loan (years) = 15 Table Factor (in $) = 9.13 Solve for the following: Number of $1,000s Financed Monthly Payment (in $) Total Interest (in $)
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 18P
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Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.)
(table is attached)
Amount Financed = 163,300
Interest Rate = 7.25%
Term of Loan (years) = 15
Table Factor (in $) = 9.13
Solve for the following:
Number of $1,000s Financed
Monthly Payment (in $)
Total Interest (in $)
Transcribed Image Text:Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed
Monthly Payments
(Necessary to amortize a loan of $1,000)
10
5
Rate (%) Years
40
Years
Interest
15
20
25
30
35
Years Years
5.01
5.14
Years
Years
Years
Years
4.13
3.50
19.19
9.89
7.15
5.80
4.49
3.87
3.75
19.30
10.01
7.27
7.40
5.93
4.63
4.28
4.03
4.00
19.42
10.12
6.05
5.28
4.77
4.43
4.18
4.25
19.53
10.24
7.52
6.19
5.42
4.92
4.58
4.34
4.50
19.64
10.36
7.65
6.33
5.56
5.07
4.73
4.50
4.75
19.76
10.48
7.78
6.46
5.70
5.22
4.89
4.66
4.82
4.99
5.00
19.87
10.61
7.91
6.60
5.85
5.37
5.05
5.25
19.99
10.73
8.04
6.74
5.99
5.52
5.21
5.50
19.10
10.85
8.17
6.88
6.14
5,68
5.37
5.16
5.75
19.22
10.98
8.30
7.02
6.29
5.84
5.54
5.33
6.00
19.33
11.10
8.44
7.16
6.44
6.00
5.70
5.50
6.25
19.45
11.23
8.57
7.31
6,60
6.16
5.87
5.68
6.50
19.57
11.35
8.71
7.46
6.75
6.32
6.04
5,85
6.75
19.68
11.48
8.85
7.6
6.91
6.49
6.21
6.03
7.00
19.80
11.61
8.99
7.75
7.07
6.65
6.39
6.21
7.25
19.92
11.74
9.13
7.90
7,23
7.39
6.82
6.56
6.40
7.50
20.04
11.87
9.27
8.06
6.99
6.74
6.58
20.16
20.28
7.75
12.00
9.41
8.21
7.55
7.16
6.92
6.77
6,95
8.00
12.13
9.56
8.36
7.72
7.34
7.10
8.25
20.40
12.27
9.70
8.52
8.68
7.88
7.51
7.28
7.14
8.50
20.52
12.40
9.85
8.05
7.69
7.47
7.33
8.75
20.64
12.53
9.99
8.84
8.22
7.87
7.65
7.52
8.05
10.14
10.29
9.00
20.76
12.67
9.00
8.39
7.84
7.71
9.25
20.88
12.80
9.16
8.56
8.23
8.03
7.91
9.50
12.94
13.08
13.22
21.00
10.44
9.32
8.74
8.41
8.22
8.10
9.75
21.12
10.59
9.49
8.91
8.59
8.41
8.30
10.00
21.25
10.75
10.90
9.65
9.09
8.78
8.60
8.49
10.25
21.37
13.35
9.82
9.26
8.96
8.79
8.69
10.50
21.49
13.49
11.05
9.98
9.44
9.15
8.98
8.89
10.75
21.62
13.63
11.21
10.15
9.62
9.33
9.18
9.08
9.37
9.56
11.00
21.74
13.78
11.37
10.32
10.49
9.80
9.52
9.28
11.25
21.87
13.92
11.52
9.98
9.71
9.48
11.50
21.99
14.06
11.68
10.66
10.16
9.90
9.76
9.68
11.75
22.12
14.20
11.84
10.84
10.35
10.09
9.96
9,89
12.00
22.24
14.35
12.00
12.16
11.01
10.53
10.29
10.16
10.08
22.37
22.50
12.25
14.49
11.19
10.72
10.48
10.35
10.29
12.50
14.64
12.33
11.36
10.9
10.67
10.55
10.49
12.75
22.63
14.78
12.49
11.54
11.72
11.09
11.29
10.87
10.75
10.69
13.00
22.75
14.93
12.65
11.05
10.95
10.90
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