solve the problem. If necessary, refer to the table below. Monthly Payments to Repay Principal and Interest on a $1000 Mortgage Term of Mortgage (Years) Annual Rate (r) 5 10 5.0% $18.87123 $10.60655 5.5% 19.10116 10.85263 6.0% 19.33280 11.10205 6.5% 19.56615 11.35480 7.0% 19.80120 11.61085 7.5% 20.03795 11.87018 8.0% 20.27639 12.13276 8.5% 20.51653 12.39857 9.0% 20.75836 12.66758 9.5% 21.00186 12.93976 10.0% 21.24704 13.21507 10.5% 21.49390 13.49350 11.0% 21.74242 13.77500 15 $7.90794 8.17083 8.43857 8.71107 8.98828 9.27012 9.55652 9.84740 10.14267 10.44225 10.74605 11.05399 11.36597 20 $6.59956 6.87887 7.16430 7.45573 7.75299 8.05593 8.36140 8.67823 8.99726 9.32131 9.65022 9.98380 10.32188 25 $5.84590 6.14087 6.44301 6.75207 7.06779 7.38991 7.71816 8.05227 8.39196 8.73697 9.08701 9.44182 9.80113 30 40 $5.36822 $4.82197 5.67789 5.15770 5.99551 5.50214 6.32068 5.85457 6.65302 6.21431 6.99215 6.58071 7.33765 6.95312 7.68913 7.33094 8.04623 7.71361 8.40854 8.10062 8.77572 8.49146 9.14739 8.88570 9.52323 9.28294 18) In order to purchase a home, a family borrows $85,000 at an annual interest rate of 5%, to be paid 18) back over a 15-year period in equal monthly payments. How much interest will they pay over the 15-year period? Round to the nearest dollar. A) $120,991 B) $647,773 C) $116,741 D) $35,991 19) 19) Constance Hairston obtains a 20-year, $132,600 mortgage at 8.5% on a house selling for $158,000 Her monthly payment , including principal and interest, is $1150.73. How much of the total cost will be interest? A) $276,175.20 B) $157,933.59 C) $186,648.79 D) $133,525.67 C How much will she pay in tural for the mortgage? 20) For the fixed-rate mortgage below, determine the portion of the total monthly payment which is income tax deductible. Round your answer to the nearest dollar. Hi 20) Amount of mortgage: $160,000 Term of mortgage: 10 years Interest rate: 7.0% Annual property tax: $1155 Annual insurance $610 Owner's income tax bracket: 40% A) $1216 B) $1030 C) $1080 D) $984