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mortgage problems

# mortgage problems - 1 Use Table 8.4 to calculate the...

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1. Use Table 8.4 to calculate the monthly payment on a \$284,000 mortgage that has a 25-year term and an annual interest rate of 8.5%. 2. The monthly payment on a \$275,000 mortgage is \$2213.75. The interest rate is 9% per year. Use simple interest to calculate the breakdown of the very first payment into principal and interest. How much of the principal is paid off in the first payment? 3. The monthly payment on a \$200,000 mortgage is \$1330. The interest rate is 7% per year. Use simple interest to calculate the breakdown of the very first payment into principal and interest. How much of the principal is paid off in the first payment? 4. Use Table 8.4 to calculate the monthly payment on a \$260,000 mortgage that has a 15-year term and an annual interest rate of 8%. 5. Use Table 8.4 to calculate the monthly payment on a \$225,500 mortgage that has a 20-

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