Save Exit Submit Assignment for Grading (Chapter 14 Section 1 Review Exercise 018) Questions of 15 Check My Work Phil Pittman is Interested in a fixed-rate mortgage for $150,000. He is undecided whether to choose a 15 or 30-year mortgage. The current mortgage rate is for the 15-year mortgage and 7% for the 30-year mortgage Click here for Table 14-1 a. What are the monthly principal and interest payments for each loan? Round your answers to the nearest cant, 15-year: 1186.5 30-year: 999 b. What is the total amount of interest paid on each loan? Round your answers to the nearest dollar, 15-year: 30-year: c. Overall, how much more interest is paid by choosing the 30-year mortgage? Round your answer to the nearest dollar. Hide Feedback Partially Correct Check My Work Feedback Show all vised wc....pdf ENG 10:30 PM 6/5/2020 TABLE 14-1 Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments (Necessary to amortize a loan of $1,000) Interest 5 10 15 20 25 30 Rate(%) 35 Years 40 Years Years Years Years Years Years Years 3.50 $18.19 $9.89 $7.15 $5.80 $5.01 $4,49 $4.13 $3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5,07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.88 10.61 7.91 6.60 5.85 5.37 5.05 4.83 5.25 18.99 10.73 8.04 6.74 6.00 5.53 5.21 4.99 5.50 19.11 10.86 8.18 6.88 6.15 5.68 5.38 5.16 5.75 19.22 10.98 8.31 7.03 6.30 5.84 5.54 5.33 6.00 19.34 11.11 8.44 7.17 6.45 6.00 5.71 5.51 6.25 19.45 11.23 8.58 7.31 6.60 6.16 5.88 5.68 6.50 19.57 8,72 11.36 5.86 7.46 6.76 6.33 6.75 11.49 19.69 8.85 7.61 6.04 6.91 6.49 19.81 7.00 11.62 8.99 7.76 7.07 6.66 6.39 6.57 6.40 7.25 7.23 11.75 19.92 7.91 9.13 7.50 6.59 20.04 6.75 9.28 11.88 7.39 8.06 7.00 6.93 7.17 7.75 20.16 7.56 8.21 9.42 12.01 6.96 7.11 7.34 7.72 8.37 9.56 12.14 28 6.05 6.22 6.22 6.83 6.77 U V.U/ 6.66 7.25 6.22 TL75 9.13 791 6.83 1.88 7.50 7.75 9.28 8.06 7.00 19.92 20.04 20.16 20.28 20.40 6.40 6.59 12.01 7.23 7.39 7.56 7.72 9.42 9.56 8.21 7.17 6.39 6.57 6.75 6.93 7.11 7.29 7.47 6.77 8.00 12.14 8.37 8.25 9.71 7.34 7.52 8.53 12.27 12.40 7.89 8.50 8.68 8.06 7.69 12.54 6.96 7.15 7.34 7.53 7.72 9.85 10.00 10.15 8.84 8.23 7.87 20.52 20.64 20.76 20.88 21.01 8.75 9.00 9.25 7.66 12.67 8.40 8.05 7.84 12.81 10.30 9.00 9.16 9.33 8.23 8.03 7.91 12.94 10.45 8.57 8.74 8.92 8.41 8.22 8.1 21.13 13.08 10.60 9.49 8.60 9.50 9.75 10.00 10.25 8.30 8.50 21.25 13.22 10.75 9.66 9.09 8.41 8.60 8.79 8.78 13.36 10.90 9.82 9.27 8.97 8.69 10.50 13.50 11.06 9.99 9.45 9.15 8.99 8.89 10.75 13.64 1.21 10.16 9.63 9.34 9.18 9.09 13.78 11.37 10.33 9.81 9.29 11.00 11.25 21.38 21.50 21.62 21.75 21.87 22.00 22.12 22.25 22.38 9.53 9.72 13.92 10.50 9.99 9.37 9.57 9.77 9.49 11.50 11.53 11.69 11.85 14.06 10.67 10.17 9.91 9.69 11.75 10.10 9.96 9.89 14.21 14.35 12.00 12.01 10.09 10.29 10.84 11.02 11.19 11.37 10.35 10.54 10.72 10.91 10.16 10.36 10.56 12.25 14.50 10.29 10.48 10.49 12.50 22.50 14.64 14.79 12.17 12.33 12.49 12.66 10.70 12.75 11.54 22.63 22.76 10.68 10.87 11.07 11.10 -1.28 10.76 10.96 13.00 10.90 14.94 11.72
