1. Complete the following amortization chart by using Table 15.1. (Round your answers to the nearest cent.) Selling price Down Principal of home payment (loan) $ 77,000 $ 5,000 Rate of interest Years 6% 30 $ Payment per $1,000 Monthly mortgage payment $ $ 2. Complete the following amortization chart by using Table 15.1. (Round your answers to the nearest cent.) Selling price of home Down payment $ 184,000 $ 50,000 Principal (loan) $ Rate of interest Years 7% 35 Payment per $1,000 Monthly mortgage payment $ $ 3. Use the following amortization chart: Selling price of home $ 82,000 Down Principal payment (loan) $ 6,000 $ 76,000 Rate of interest 6% Years 30 Payment per $1,000 $ 6.00 Monthly mortgage payment $ 456.00 What is the total cost of interest? (Do not round intermediate calculations. Round your answer to the nearest whole dollar.) Total cost of interest $ 4. Use the following amortization chart: Selling price Down Principal Payment per of home payment (loan) Rate of interest Years $1,000 $ 77,000 $ 5,000 $ 72,000 5% 30 $ 6.00 Monthly mortgage payment $ 432.00 Assume the interest rate rises to 6.5%. What is the total cost of interest with the new interest rate? (Use Table 15.1). (Do not round intermediate calculations. Round your final answer to the nearest cent.) Total cost of interest $ 5. Complete the following table: (Use Table 15.1) (Do not round intermediate calculations. Round your answers to the nearest cent.) First Payment Broken Down Into Selling price $152,000 Down Amount payment mortgage Rate Years $31,000 $121,000 6.5% 30 Monthly payment $ Interest $ Principal $ Balance at end of month $ 6. Bob Jones bought a new log cabin for $82,000 at 11% 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 1 2 3 Balance of loan outstanding $ Interest $ Principal $ $ $ $ $ $ $ 7. CNBC.com reported mortgage applications dropped in March 2015 due to an increase in the rate on 30-year fixed rate mortgages to an average of 4.01%. Dennis Natali wants to purchase a vacation home for $250,000 with 20% down. Calculate his monthly payment for a 22-year mortgage at 5.0%. Calculate total interest. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.) Monthly payment $ Total interest $ 8. Joe Levi bought a home in Arlington, Texas, for $143,000. He put down 20% and obtained a mortgage for 30 years at 5.50%. (Use Table 15.1.) a. What is Joe's monthly payment? (Round your intermediate values and final answer to the nearest cent.) Monthly payment $ b. What is the total interest cost of the loan? (Use 360 days a year. Round your intermediate values and final answer to the nearest cent.) Total interest cost $ 9. Daniel and Jan agreed to pay $558,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $50,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. (Use Table 15.1) a. How much is their monthly payment? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Monthly payment $ b. After the first payment, what would be the balance of the principal? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.) Portion to Payment number 1 Interest $ Principal $ Balance of loan outstanding $ 10. Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $49,000,000. If Oprah puts 30% down and finances at 6.50% for 30 years, what would her monthly payment be? (Use Table 15.1.) (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) Monthly payment $