Now, lets go house shopping. After a down payment of $20,000, you are approved to borrow $160,000 to purchase a home at an annual interest rate of 5%.
Assume that property taxes and homeowners insurance are escrowed (paid in monthly installments). If the annual homeowners insurance premium is $720, find the total amount that you must pay to the bank each month. Value of home is 180,000. Annual tax on property is 2,700. Monthly payments for 30 years is 752.16.
s Photo Viewer File PrintE-mai Burn Open Table 162 ANNUAL PERCENTAGE RATE TABLE FOR MON THLY PAYMENT PLANS Annual Percentage Rate (Finance Charge per $100 of Amount Financed Number of Payments 10.00% 1025% 10.50% 10.75% 11.00% 11.25% 11.50% 11.75% 12.00% 12.25% 12.50% 12.75% 13.00% 13.25% 13.506 13.75% 083 125 1.28 13 135 138144447 .50 53 57 663 66 9 1.72 167 1.7 .76 1.80 184 188 92 196 2.0 205 2 2.13 2.17 2.22 226 2.30 2092.142.20 2.25 230 235 241 251 2.58264 2.70 277 283 2.8 296 3.023.08 3.15 3.21 294 3.0 3.08 3.16 323 3.3 3.38345 3.533603.68 3.75 3.3.90 397 4.0 336 345 353 3.623.70 3.783.87 395 4.0412 42 4.294.38 447 455 464 3.793.88 3.98 4 417 426 ,36 4464.55 465 474 4.84 4.94 5,03 5.13 5.22 421 4.32 443 4.53 464 4.754,85496 5,07 5.17 5.28539 5,49 5.60 5.71 5,82 464 4.764884.99 5.23 5,35546 5.58 5.70 582 5.94 6,0 617 629 641 507 5.20 5335.45 558 5.75.84 597 6.10 623 636 649 6.62 675 688 7.0 550 564 5.78 5.92606 6.206.346486.62 6.76 6.90 0 7.18 7.32 746 7.60 5936.08 623 6.38 653 6.68 6,84699 7.14 7.29 744 7.59 7.75 7.9805 8.20 6366.52 6 685 70 7.17 7.34 750 7.678279 8.15 8.318.4886 8.8 680 6977.14 7.32749 667,8801 8.19 836 853 8,71 8.88 906 923941 723 741 7.60 7.78 7978.158.34853 8.78.90 90927 9.469.649831002 767 7.868.06 8.25 845 865 8.8 9.04 9.24 944 9.63 9.83 10.03 0.23 1043 10.63 8.10 8.3 852 8.73893 9.149.359569.77 998019 10400.6 1082 31124 854 8.76 8.989.20 942 9 9.860 0.30 0521074 10.96 11.18 114 1163 1185 8.989.2 944 9. 9.90 0.13 10.37 1060 10,83 1106 130 1153 11.76 2.00 1223 12.46 942 9.669.901015 039 3 10,88 1112 11.36 116 85 12.10 2.34 2.59 128 13.08 986 10.12 10.37 10.62 10.88 3 9 6 190 216 1241 1267 1293 13.19 13.44 13.70 1030 10.57 1084 37 63 217 244 12.71 1297 13.24 13.5 3.78 1405 14.32 10.75 1102 1130 58 1186 214 242 270 298 3.26 13.54 1382 14.10 1438 4.66 14.95 I1.19 114 77 2.0 1235 2.64 12.93 322 3.52 3 4.10 14.40 4. 4.98 15.28 15.57 1164 11.94 12.24 12.54 12.85 13.15 13.45 13.75 14.06 14.36 14.67 14.97 15.28 15.59 589 16.20 1209 124012.7303 334 13.66 3,97 14.29 14.60 492 15.24 1556 15,87 16.19 1651 16.83 12.53 12.86 13,18 13.51 1384 14.16 14.49 14.82 15.15 15.48 15.81 16.14 16.47 16.80 17.13 17.46 1298 13.32 1366 14.00 433 47 5.0 535 5.70 1604 16.38 16.72 17.07 1741 17.75 18.10 13.43 13.78 14.1314.48 14.83 59 5.54 5896.24 16.60 1695 7.31 7.66 18.02 1838 18.74 0.85 0.87 0.90 092 0.94 0.96 0.98 1.00 1.02 1.04 1.06 1,08 110 L12 1.15 2.51 257 26 27 2.7 2.78 283 2.88 3.27 3.34340346 2.46 12 13 14 15 17 18 19 24 4:09 PM 83/2018
