Question
Stephen has just purchased a home for $161,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at %. Stephen has
Stephen has just purchased a home for $161,000. A mortgage company has approved his loan application for a 30-year fixed-rate loan at %. Stephen has agreed to pay 30% of the purchase price as a down payment. Find the down payment, amount of mortgage, and monthly payment.
Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed.
The down payment is about $ enter your response here. (Round to the nearest cent as needed.)
The mortgage amount is about $ enter your response here. (Round to the nearest cent as needed.)
The monthly mortgage payment is about $ enter your response here. (Round to the nearest cent as needed.)
Years | Annual interest rate | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 |
12 | 8.28 | 8.40 | 8.51 | 8.63 | 8.76 | 8.88 | 9.00 | 9.12 | 9.25 | 9.37 | 9.50 | 9.63 | 9.76 | 9.89 | 10.02 | 10.15 |
15 | 6.91 | 7.03 | 7.15 | 7.27 | 7.40 | 7.52 | 7.65 | 7.78 | 7.91 | 8.04 | 8.17 | 8.30 | 8.44 | 8.57 | 8.71 | 8.85 |
17 | 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 |
22 | 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 |
25 | 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 | 5.52 | 5.68 | 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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