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Rert Vertus Buy Mex with have to p or $50 a month for private mertgage invurance. He is in the 25 percent marginat tax bracket. caloulstises to four decimal ploces. Round your answer to the neareit cent. b. How moch intetest would Alex pay during the fint year of the loan? Rovnd your antaer to the nearest cent. 5. c. Use the Run the Numbers worksheet, 'Should you fluy of Rent?' to determine whecher Mlex woild be beeter olf buying or reniting. On the batis of net cost, Alex would be tetter of Jable 9-4 Estimating Mortgage Loan Payments for Principal and Interest (Monthly Payment per $1,000 Borrowed) Note: To use this table to figure a monthly mortgage payment, divide the amount borrowed by 1,000 and multiply by the appropriate figure in the table for the interest rate and time period of the loan. For example, a $160,000 loan for 30 years at 6.0 percent would require a payment of 5959,280[(5160,000+1,000)5.9955]; over 20 years, it would require a payment of 51,14629{($160,000+1,000)7.1643). For calculations for different interest rates, visit the Garman/Forgue companion website Should You Buy or Rent? will put the finandal picture into focus. This worksheet can be used to estimate whether you A similar worksheet can be found at would be better off renting housing or buying. If you are www.finance.yahoo.com/calculator/ renting an apartment and planning to buy a house, qualitareal-estatehom06. tive differences will enter into your decision. This worksheet 'Calculated from Tate 94 on page 285 "Calculated according to the method ilustrated in Table 92 on page 283 . iMortgage interest tax sarngs equal total mortgage payments minus prinopal repaid mutuplied by the margina tax rate