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Shantel and Kwamie are planning to buy their first home. They visited a few new developments and scanned the real estate listing of preowned homes,
Shantel and Kwamie are planning to buy their first home. They visited a few new developments and scanned the real estate listing of preowned homes, but they have no idea how much a mortgage payment would be on a $140,000, $170,000, or $205,000 loan. They have come to you for advice. Complete parts 1.-4. Click the icon to view the monthly payment per $1,000 of amount financed table. 1. After you explain to them that they can borrow money at different rates and at different amounts of time, Shantel and Kwamie ask you to complete a chart indicating what the monthly mortgage payment would be under some possible interest rates and borrowing periods. They also want to know what their total interest would be on each if they choose a 30-year loan at 3.75% interest. Complete the chart. Amount borrowed 3.00% 15 year 3.25% 20 year 3.50% 25 year 3.75% 30 yea Total interest paid on 30-year loan $140,000 $170,000 s $205,000 $ (Type integers or decimals.) Annual interest rate Years financed 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 10 9.66 9.77 9.89 10.01 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 8.28 8.40 8.518.63 8.76 8.88 9.00 9.12 9.25 9.37 9.50 9.63 9.76 9.89 10.02 10.15 6.91 7.03 7.15 7.27 7.40 7.52 7.65 7.78 7.97 8.04 8.17 8.30 8.44 8.57 8.71 8.85 6.26 6.39 6.51 6.64 6.76 6.89 7.02 7.15 7.29 7.42 7.56 7.69 7.83 7.97 8.11 8.25 20 5 .55 5.67 5.80 5.93 6.06 6.19 6.33 6.46 6.60 6.74 6.88 7.02 7.16 7.31 7.46 7.60 5.18 5.31 5.44 5.57 5.70 5.84 5.97 6.11 6.25 6.39 6.54 6.68 6.83 6.98 7.13 7.28 4.74 4.87 5.01 5.14 5.28 5.42 5.56 5.70 5.85 5.99 6.14 6.29 6.44 6.60 6.75 6.91 30 4.22 4.35 4.49 4.63 4.77 4.92 5.07 5.22 5.37 5.525.68 5.84 6.00 6.16 6.32 6.49 35 3.85 3.99 4.13 4.28 4.43 4.58 4.73 4.89 5.05 5.21 5.37 5.54 5.70 5.87 6.04 6.21
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