A $107,000 mortgage loan has a 20-year amortization. a. Calculate the monthly payment at interest rates of 5.4%, 7.4%,

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

A $107,000 mortgage loan has a 20-year amortization. a. Calculate the monthly payment at interest rates of 5.4%, 7.4%,

Post by answerhappygod »

A $107,000 mortgage loan has a 20-year amortization.a. Calculate the monthly payment at interestrates of 5.4%, 7.4%, and 9.4% compoundedsemiannually. (Do not round intermediate calculationsand round your final answers to 2 decimal places.)
b. By what percentage does the monthlypayment on the 9.4% mortgage exceed the monthly payment on the 5.4%mortgage? (Do not round intermediate calculations andround your final answer to 2 decimal places.)Percent difference %c. Calculate the total interest paid over theentire 20-year amortization period at each of the three interestrates. (Assume the final payment equals theothers.) (Do not round intermediate calculations andround your final answers to the nearest whole dollaramount.)
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”