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Based on Exhibit 7-7, what would be the monthly mortgage payments for each of the following situations? (Round your answers to 2 decimal places.) $
Based on Exhibit 7-7, what would be the monthly mortgage payments for each of the following situations? (Round your answers to 2 decimal places.) $ 902.00 a. A $164,000, 20-year loan at 5.5 percent. b. A $219,000, 25-year loan at 6 percent. c. A $198,000, 30-year loan at 5.5 percent. Term Rate 30 Years 20 Years 15 Years 3.0% Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) $4.22 4.49 25 Years $4.74 5.01 $5.55 5.80 $6.91 7.15 3.5 5.28 4.0 4.5 6.06 6.33 6.60 6.88 5.0 4.77 5.07 5.37 5.68 6.00 6.32 6.65 6.99 7.34 5.5 6.0 7.40 7.65 7.91 8.17 8.44 8.71 5.56 5.85 6.14 6.44 6.75 7.07 7.39 7.72 7.16 6.5 7.0 7.46 7.75 7.5 8.06 8.36 8.99 9.27 9.56 8.0
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