mod 11 c

Joe Levi bought a home in Arlington, Texas, for $140,000. He put down 20% and obtained a mortgage for 30 years at 5 %.

What is Joes monthly payment?

What is the total interest cost of the loan? To calculate follow the steps in your textbook : LU 15-1 (page 378)

If the rate of interest is changed to 7 %, what is the difference in interest cost?

Submit the completed excel sheet here.

Chapter 15

Problem 15-11: What is Joe Levi's monthly payment and total interest cost?

What is the monthly payment?

Purchase Price Down Payment Principal

- = $- 0

Principal / 1000 Table Factor

(Table 15.1) Monthly Payment

* = $- 0

What is the total interest?

Monthly Payment Total Payments Mortgage Cost

* = $- 0

Mortgage Cost Principal Total Interest

- = $- 0

Problem 15-12: If the rate of interest is 7 1/2%, what is the difference in interest cost?

What is the monthly payment?

Purchase Price Down Payment Principal

- = $- 0

Principal / 1000 Table Factor

(Table 15.1) Monthly Payment

* = $- 0

What is the total interest?

Monthly Payment Total Payments Mortgage Cost

* = $0.00

Mortgage Cost Principal Total Interest

- = $- 0

Total Interest at

7 1/2% Total Interest

at 5 1/2% Difference in Interest Cost

- = $- 0