Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. find the given monthly mortgage payment using spec

Find the given monthly mortgage payment using specific details and the table. ...

70.2K

Verified Solution

Question

Accounting

Find the given monthly mortgage payment using specific details and the table.

Purchase Price of Home Down Payment Interest Rate Years
$61,200 $10,000 5.75% 22

Monthly Payment of Principal and Interest per $1,000 of Amount Financed
Annual Interest Rate
Years Financed 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75%
10 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98
12 8.76 8.88 9.00 9.12 9.25 9.37 9.50 9.63
15 7.40 7.52 7.65 7.78 7.91 8.04 8.17 8.30
17 6.76 6.89 7.02 7.15 7.29 7.42 7.56 7.69
20 6.06 6.19 6.33 6.46 6.60 6.74 6.88 7.02
22 5.70 5.84 5.97 6.11 6.25 6.39 6.54 6.68
25 5.28 5.42 5.56 5.70 5.85 5.99 6.14 6.29
30 4.77 4.92 5.07 5.22 5.37 5.52 5.68 5.84
35 4.43 4.58 4.73 4.89 5.05 5.21 5.37 5.54
Years Financed 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 7.75%
10 11.10 11.23 11.35 11.48 11.61 11.74 11.87 12.00
12 9.76 9.89 10.02 11.15 10.28 10.42 10.55 10.69
15 8.44 8.57 8.71 8.85 8.99 9.13 9.27 9.41
17 7.83 7.97 8.11 8.25 8.40 8.54 8.69 8.83
20 7.16 7.31 7.46 7.60 7.75 7.90 8.06 8.21
22 6.83 6.98 7.13 7.28 7.43 7.59 7.75 7.90
25 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55
30 6.00 6.16 6.32 6.49 6.65 6.82 6.99 7.16
35 5.70 5.87 6.04 6.21 6.39 6.56 6.74 6.92

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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students