Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Calculate the monthly payments of a 3 0 - year fixed - rate mortgage at 6 . 7 5 percent for $ 1 4 9

Calculate the monthly payments of a 30-year fixed-rate mortgage at 6.75 percent for $149,000. How much interest paid over the life of the loan?
Note: Round intermediate computations to at least five (5) decimal places.
Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table:
The monthly payments of a 30-year fixed-rate mortgage at 6.75% for $149,000 is $.(Round to the nearest cent.)
(Click on the following icon in order to copy its contents into a spreadsheet.)
Monthly Installment Loan Tables ($1,000 loan ith interest payments compounded monthly) Loan Maturity (in months)
\table[[Loan Maturity (in months)],[Interest,24,36,48,60,72,84,96,108,120,180,240,300],[4.00%,43.42,29.52,22.58,18.42,15.65,13.67,12.19,11.04,10.12,7.40,6.06,5.28],[4.25%,43.54,29.64,22.69,18.53,15.76,13.78,12.31,11.16,10.24,7.52,6.19,5.42],[4.50%,43.65,29.75,22.80,18.64,15.87,13.90,12.42,11.28,10.36,7.65,6.33,5.56],[4.75%,43.76,29.86,22.92,18.76,15.99,14.02,12.54,11.40,10.48,7.78,6.46,5.70],[5.00%,43.87,29.97,23.03,18.87,16.10,14.13,12.66,11.52,10.61,7.91,6.60,5.85],[5.25%,43.98,30.08,23.14,18.99,16.22,14.25,12.78,11.64,10.73,8.04,6.74,5.99],[5.50%,44.10,30.20,23.26,19.10,16.34,14.37,12.90,11.76,10.85,8.17,6.88,6.14],[5.75%,44.21,30.31,23.37,19.22,16.46,14.49,13.02,11.88,10.98,8.30,7.02,6.29],[6.00%,44.32,30.42,23.49,19.33,16.57,14.61,13.14,12.01,11.10,8.44,7.16,6.44],[6.25%,44.43,30.54,23.60,19.45,16.69,14.73,13.26,12.13,11.23,8.57,7.31,6.60],[6.50%,44.55,30.65,23.71,19.57,16.81,14.85,13.39,12.25,11.35,8.71,7.46,6.75],[6.75%,44.66,30.76,23.83,19.68,16.93,14.97,13.51,12.38,11.48,8.85,7.60,6.91],[7.00%,44.77,30.88,23.95,19.80,17.05,15.09,13.63,12.51,11.61,8.99,7.75,7.07],[7.25%,44.89,30.99,24.06,19.92,17.17,15.22,13.76,12.63,11.74,9.13,7.90,7.23],[7.50%,45.00,31.11,24.18,20.04,17.29,15.34,13.88,12.76,11.87,9.27,8.06,7.39],[7.75%,45.11,31.22,24.30,20.16,17.41,15.46,14.01,12.89,12.00,9.41,8.21,7.55],[8.00%,45.23,31.34,24.41,20.28,17.53,15.59,14.14,13.02,12.13,9.56,8.36,7.72],[8.25%,45.34,31.45,24.53,20.40,17.66,15.71,14.26,13.15,12.27,9.70,8.52,7.88],[8.50%,45.46,31.57,24.65,20.52,17.78,15.84,14.39,13.28,12.40,9.85,8.68,8.05],[8.75%,45.57,31.68,24.77,20.64,17.90,15.96,14.52,13.41,12.53,9.99,8.84,8.22],[9.00%,45.68,31.80,

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Health Care Finance Basic Tools For Nonfinancial Managers

Authors: Judith J. Baker, R.W. Baker

3rd Edition

076377894X, 978-0763778941

More Books

Students also viewed these Finance questions

Question

What is the equation of a straight line?

Answered: 1 week ago