Using the data below , What is the monthly mortgage Payment Find the monthly mor
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Question
Using the data below , What is the monthly mortgage Payment
Find the monthly mortgage payment by using the data below.
Purchase Price of Home
Down Payment
Interest Rate
Years
$64,400
$8,000
5.75%
22
Monthly Payment of Principal and Interest per $1,000 of Amount Financed
Annual
Years
Financed
4.00%
4.25%
4.50%
4.75%
5.00%
5.25%
5.50%
5.75%
10
10.12
10.24
10.36
10.48
10.61
10.73
10.85
10.98
12
8.76
8.88
9.00
9.12
9.25
9.37
9.50
9.63
15
7.40
7.52
7.65
7.78
7.91
8.04
8.17
8.30
17
6.76
6.89
7.02
7.15
7.29
7.42
7.56
7.69
20
6.06
6.19
6.33
6.46
6.60
6.74
6.88
7.02
22
5.70
5.84
5.97
6.11
6.25
6.39
6.54
6.68
25
5.28
5.42
5.56
5.70
5.85
5.99
6.14
6.29
30
4.77
4.92
5.07
5.22
5.37
5.52
5.68
5.84
35
4.43
4.58
4.73
4.89
5.05
5.21
5.37
5.54
6.00%
6.25%
6.50%
6.75%
7.00%
7.25%
7.50%
7.75%
10
11.10
11.23
11.35
11.48
11.61
11.74
11.87
12.00
12
9.76
9.89
10.02
10.15
10.28
10.42
10.55
10.69
15
8.44
8.57
8.71
8.85
8.99
9.13
9.27
9.41
17
7.83
7.97
8.11
8.25
8.40
8.54
8.69
8.83
20
7.16
7.31
7.46
7.60
7.75
7.90
8.06
8.21
22
6.83
6.98
7.13
7.28
7.43
7.59
7.75
7.90
25
6.44
6.60
6.75
6.91
7.07
7.23
7.39
7.55
30
6.00
6.16
6.32
6.49
6.65
6.82
6.99
7.16
35
5.70
5.87
6.04
6.21
6.39
6.56
6.74
6.92
Purchase Price of Home
Down Payment
Interest Rate
Years
$64,400
$8,000
5.75%
22
Monthly Payment of Principal and Interest per $1,000 of Amount Financed
Annual
Years
Financed
4.00%
4.25%
4.50%
4.75%
5.00%
5.25%
5.50%
5.75%
10
10.12
10.24
10.36
10.48
10.61
10.73
10.85
10.98
12
8.76
8.88
9.00
9.12
9.25
9.37
9.50
9.63
15
7.40
7.52
7.65
7.78
7.91
8.04
8.17
8.30
17
6.76
6.89
7.02
7.15
7.29
7.42
7.56
7.69
20
6.06
6.19
6.33
6.46
6.60
6.74
6.88
7.02
22
5.70
5.84
5.97
6.11
6.25
6.39
6.54
6.68
25
5.28
5.42
5.56
5.70
5.85
5.99
6.14
6.29
30
4.77
4.92
5.07
5.22
5.37
5.52
5.68
5.84
35
4.43
4.58
4.73
4.89
5.05
5.21
5.37
5.54
6.00%
6.25%
6.50%
6.75%
7.00%
7.25%
7.50%
7.75%
10
11.10
11.23
11.35
11.48
11.61
11.74
11.87
12.00
12
9.76
9.89
10.02
10.15
10.28
10.42
10.55
10.69
15
8.44
8.57
8.71
8.85
8.99
9.13
9.27
9.41
17
7.83
7.97
8.11
8.25
8.40
8.54
8.69
8.83
20
7.16
7.31
7.46
7.60
7.75
7.90
8.06
8.21
22
6.83
6.98
7.13
7.28
7.43
7.59
7.75
7.90
25
6.44
6.60
6.75
6.91
7.07
7.23
7.39
7.55
30
6.00
6.16
6.32
6.49
6.65
6.82
6.99
7.16
35
5.70
5.87
6.04
6.21
6.39
6.56
6.74
6.92
Explanation / Answer
M = P r (1+r)n / ( (1+r)n - 1 )
P = 64400 - 8000 = 56400
r = 5.75 %/12 = 5.75/1200
n = 22 * 12 = 264
for 22 years at rate 5.75% from table r (1+r)n / ( (1+r)n - 1 ) = 6.68% per 1000 dollar = 0.00668
M = 0.00668 * 56400 = 376.75 dollars
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