A $107,000 mortgage loan has a 20-year amortization. a. Calculate the monthly payment at interest rates of 5.4%, 7.4%,
Posted: Mon Jul 11, 2022 12:16 pm
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.)
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.)