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%. (a) $805.00 (b) $2286.20 (c) $603.50 (d) $2840.00 (e) $8050.00 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? (a) $2415 (b) $165 (c) $225 (d) $151.25 e) $2250 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? (a) $1166.67 (b) $165 (c) $163.33 (d) $141.50 (e) $141.67 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%. (a) $2805.40
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This note was uploaded on 12/13/2009 for the course MATH 100 taught by Professor Rudivalis during the Spring '08 term at UMass (Amherst).

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

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