Solve the problem using the table. Monthly Principal and Interest Payment per $1000 of Mortgage Number of Years Rate % 10 15 20 25 30 7.5 $11.87018 $9.27012 $8.05593 S 7.38991 $6.99215 8.0 12.13276 9.55652 8.36440 7.71816 7.33765 8.5 12.39857 9.84740 8.67823 8.05227 7.68913 9.0 12.66758 10.14267 8.99726 8.39196 8.04623 12.93976 10.44225 9.32131 8.73697 8.40854 10.0 13.21507 10.74605 9.65022 9.08701 8.77572 10.5 13.49350 11.05399 9.98380 9.44182 9.14739 11.0 13.77500 11.36597 10.32188 9.80113 9.52323 11.5 14.05954 11.68190 10.66430 10.16469 9.90291 12. 0 1 4.34709 12.00168 | 11.01086 10.53224 10.28613 9.5 27) 27) The Jacksons' gross monthly income is $7500. They have 16 remaining payments of $240 on a new car and 3 remaining payments of $65 on a washer and dryer. The taxes and insurance on the house are $130 per month. What maximum monthly payment does the bank's loan officer feel that the Jacksons can afford? A) $2178.00 B) $2014.60 $2100.00 D) $2032.80 28) 28) Constance Hairston obtains a 30-year, $132,600 mortgage at 12% on a house selling for $158,000. Her monthly payment, including principal and interest, is $1363.94. How much of the total cost will be interest? A) $394,260.57 B) $358,418.70 $333,329.39 D) $465,944.31 Solve the problem using the table. Monthly Principal and Interest Payment per $1000 of Mortgage Number of Years Rate % 10 15 20 25 30 7.5 $11.87018 $9.27012 $8.05593 S 7.38991 $6.99215 8.0 12.13276 9.55652 8.36440 7.71816 7.33765 8.5 12.39857 9.84740 8.67823 8.05227 7.68913 9.0 12.66758 10.14267 8.99726 8.39196 8.04623 12.93976 10.44225 9.32131 8.73697 8.40854 10.0 13.21507 10.74605 9.65022 9.08701 8.77572 10.5 13.49350 11.05399 9.98380 9.44182 9.14739 11.0 13.77500 11.36597 10.32188 9.80113 9.52323 11.5 14.05954 11.68190 10.66430 10.16469 9.90291 12. 0 1 4.34709 12.00168 | 11.01086 10.53224 10.28613 9.5 27) 27) The Jacksons' gross monthly income is $7500. They have 16 remaining payments of $240 on a new car and 3 remaining payments of $65 on a washer and dryer. The taxes and insurance on the house are $130 per month. What maximum monthly payment does the bank's loan officer feel that the Jacksons can afford? A) $2178.00 B) $2014.60 $2100.00 D) $2032.80 28) 28) Constance Hairston obtains a 30-year, $132,600 mortgage at 12% on a house selling for $158,000. Her monthly payment, including principal and interest, is $1363.94. How much of the total cost will be interest? A) $394,260.57 B) $358,418.70 $333,329.39 D) $465,944.31
