7-10 please 7. Let's looks at an amortization chart. Select...
70.2K
Verified Solution
Link Copied!
Question
Accounting
7-10 please
7. Let's looks at an amortization chart. Select the interest rate of 3.75% and a term of 15 years. How much is the monthly payment per $1,000 ? Suppose a loan amount of $20,000. What is the total monthly payment? Per $1000 the monthly payment would be $7.27 The total monthly payment would be $145.44 8. Using an amortization chart, what is the amount per $1,000 for a mortgage at 4.5% and on a 30 -year term? What is the mortgage payment on a $57,000 mortgage? 9. Refer again to the amortization chart. A borrower is obtaining a mortgage in the amount of $137,000 at 47/8% interest for a term of 20 years. How much will the monthly payment be? 10. Again, referring to the amortization chart, compare the monthly payments of a $72,000 mortgage based on 4.25% at 15 years versus 30 years. Amortization Chart Monthly Payment Per $1,000 of Mortgage
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
