Question Help Maya Womak wishes to purchase a(n) $815,000 house. She has accumulated a $175,000 down payment, but she wishes to borrow $640,000 on a 15-year mortgage. For simplicity, assume annual mortgage payments occur at the end of each year and there are no loan fees. 33 (Click the icon to view the present value factor table.) EF (Click the icon to view the present value annuity factor table.) Read the requirements. Requirement 1. What are Womak's annual payments if her interest rate is (a) 8%, (b) 10%, and (c) 14%, compounded annually? (Round your final answers to the nearest whole dollar.) Begin by selecting the formula you will need to answer this question for each of the three scenarios (a., b., and c.) Annual payment ? Choose from any drop-down list and then click Check Answer. Check Answer Clear All 7 Pernaining SSL Data Table Present Value of $1 int Period 3% 4% 5% 6% 20% 18% 7% 8% 10% 12% 16% 14% gud 1 .9709 .9615 9524 .9434 .9346 9259 9091 .8333 8929 .8475 .8772 .8621 2. 9246 .9426 9070 .8900 .6944 .8734 .8573 .8264 .7695 .7432 .7972 .7182 3 -8890 .9151 .8638 .8396 .6086 5787 .8163 .7938 .7118 .7513 .6750 .6407 .8885 .5158 .8548 .8227 -7921 .7350 4 .7629 .6830 .5921.5523 .6355 4823 5 .7835 -7473 .8626 .8219 .7130 .6806 .5674 .5194 4761 .6209 .4371 4019 .7050 6 .7903 .6663 .5645 4556 4104 .8375 .7462 .6302 .5066 .3704 .3349 .5835 .7107 .5132 .4523 .3139 .2791 7 -7599 .6651 .6227 3996 3538 .8131 .5820 .5403 .7307 .6768 .6274 .4665 4039 .2660 .2326 3506 3050 8 .7894 .5439 .5002 .7026 .6446 .5919 .4241 .3606 .2255 .1938 .3075 2630 .7664 9 .3855 .6139 .5584 .5083 .4632 .3220 .1911 10 .7441 .2697 2267 .6756 .1615 .3624 .5553 .3152 .0835 .0649 15 .4810 4173 2394 1827.1401 .1079 .6419 2584 .2145 3769 .1486 1037 .0365 .0261 _4564 .3118 .0728 .0514 20 .5537 1842 .2953 2330 .1460 .0923 .0588 25 .3751 .0378 .0245 .0160.0105 .4776 0994 1314 .0573 2314 .1741 .0334 .0196 .0116 .0070 .0042 30 4120 .3083 Print Done Ek Ans Clear All Data Table - bill Present Value of Ordinary Annuity of $1 ts Period 3% 4% 5% 6% 7% 8% 10% 12% 14% 16% 18% 20% ver 1 .9709 .9615 .9524 .9434 .9346 .9259 .9091 .8929 .8772 .8621 .8475 .8333 2 1.9135 1.8861 1.8594 1.8334 1.8080 1.7833 1.7355 1.6901 1.6467 1.6052 1.5656 1.5278 3 2.8286 2.7751 2.7232 2.6730 2.6243 2.5771 2.4869 2.4018 2.3216 2.2459 2.1743 2.1065 4 3.7171 3.6299 3.5460 3.4651 3.3872 3.3121 3.1699 3.0373 2.9137 2.7982 2.6901 2.5887 5 4.5797 4.4518 4.3295 4.2124 4.1002 3.9927 3.7908 3.6048 3.4331 3.2743 3.1272 2.9906 6 5.4172 5.0757 4.9173 4.7665 4.6229 4.3553 4.1114 3.8887 3.6847 3.4976 3.3255 5.2421 6.0021 7 6.2303 5.7864 5.5824 5.3893 5.2064 4.8684 4.5638 4.2883 4.0386 3.8115 3.6046 8 7.0197 6.7327 6.4632 6.2098 5.9713 5.7466 5.3349 4.9676 4.6389 4.3436 4.0776 3.8372 9 10 15 7.7861 7.4353 7.1078 6.8017 6.5152 6.2469 5.7590 5.3282 4.9464 4.6065 4.3030 4.0310 8.5302 8.1109 7.7217 7.3601 7.0236 6.7101 6.1446 5.6502 5.2161 4.8332 4.4941 4.1925 11.9379 11.1184 10.3797 9.7122 9.1079 8.5595 7.6061 6.8109 6.1422 5.5755 5.0916 4.6755 14.8775 13.5903 12.4622 11.4699 10.5940 9.8181 8.5136 7.4694 6.6231 5.9288 5.3527 4.8696 17.4131 15.6221 14.0939 12.7834 11.6536 10.6748 9.0770 7.8431 6.8729 6.0971 5.4669 4.9476 19.6004 17.2920 15.3725 13.7648 12.4090 11.2578 9.4269 8.0552 7.0027 6.1772 5.5168 4.9789 20 25 30 Print Done Che Requirements 1. What are Womak's annual payments if her interest rate is (a) 8%, (b) 10%, and (c) 14%, compounded annually? 2. Repeat number 1 for a 10-year mortgage. 3. Suppose Womak had to choose between a 15-year and a 10-year mortgage, either one at a(n) 10% interest rate. Compute the total payments and total interest paid on (a) a 15-year mortgage and (b) a 10-year mortgage. Print Done