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How do I get these answer Based on Exhibit 7-8, what would be the monthly mortgage payments for each of the following situations? (Round mortgage
How do I get these answer
Based on Exhibit 7-8, what would be the monthly mortgage payments for each of the following situations? (Round mortgage payment factors and final answers to 2 decimal places. Omit the "$" sign in your response.) a) $ 1,261.92 b) A $132,000, 15-year loan at 8.0 percent APR compounded semi-annually A $122,000, 25-year loan at 7.0 percent APR compounded semi-annually A $93,000, 20-year loan at 5.5 percent APR compounded semi-annually $ 861.32 c) $ 639.84 Exhibit 7-8 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) Term Rate 25 Years $5.26 20 Years $6.04 15 Years $ 7.38 4.0% 4.5% 5.53 6.30 7.63 5.0% 5.83 6.57 7.88 5.5% 6.10 6.84 8.14 6.0% 6.40 7.12 8.40 6.5% 6.70 7.41 8.66 7.0% 7.00 7.69 8.93 7.5% 7.32 7.99 9.21 8.0% 7.63 8.28 9.48 8.5% 7.95 8.59 9.76 9.0% 8.28 8.89 10.05 9.5% 8.61 9.20 10.33 10.0% 8.94 9.52 10.62Step by Step Solution
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