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1 Find the monthly payment and the total interest for a mortgage of $58,000 at 6% for 20 years. Use Table 14-1 and enter the total interest as your answer.
TABLE 14-1 3.75 6.06 4.18 4.50 5.85 5.53 Monthly Payments (Necessary to amortize a loan of $1,000) Interest 5 10 15 20 25 30 35 40 Rate(%) Years Years Years Years Years Years Years Years 3.50 $18.19 $9.89 $7.15 $5.80 $5.01 $4.49 $4.13 $3.87 18.30 10.01 7 .27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 5.28 4.77 4.43 4.25 18.53 10.24 7.526.195.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.88 10.61 7.91 6.60 5.37 5.05 4.83 5.25 18.99 10.73 8.04 6.74 6.00 5.21 4.99 5.50 19.11 10.86 8.18 6.88 6.15 5.68 5.38 5.16 5.75 19.22 10.98 8.31 7.03 6.30 5.84 5.54 5.33 6.00 19.34 11.11 8.44 7.17 6.45 6.00 5.71 5.51 6.25 19.45 11.23 8.58 7.31 6.60 6.16 5.88 5.68 6.50 19.57 11.36 8.72 7.46 6.76 6.33 6 .05 5.86 6.75 19.69 11.498.85 7.61 6.916.496.226.04 7.00 19.81 11.62 8.99 7.76 7.07 6.66 6.39 6.22 7.25 19.92 11.75 9.13 7.91 7.23 6.83 6.57 6.40 SO 20.04 11.889 .28 8.06 7.397.00 6.75 6.59 7.75 20.16 12.01 9.42 8.21 7.56 7.176.936.77 8.00 20.28 12.14 9.56 8.37 7.72 7.34 7.11 6.96 8.25 20.40 2.279.71 8.53 7.897.52 7.297.15 8.50 20.52 12.40 9.85 8.68 8.06 7.69 7.47 7 .34 8.75 20.64 12.54 10.00 8.84 8.23 7.87 7.66 7.53 9.00 20.76 12.67 10.15 9.00 8.40 8.05 7.84 7.72 9.25 20.88 12.81 10.30 8.57 8.23 8.03 7.91 9.50 21.01 12.94 10.45 9.33 8.74 8.41 8 .22 8.11 9.75 21.13 13.08 10.60 9.49 8.92 8.60 8.41 8.30 10.00 21.25 13.22 10.75 9.66 9.09 8.78 8.60 8.50 10.25 21.38 13.36 10.90 9.82 9.27 8.97 8.79 8.69 10.50 21.50 13.50 11.06 9.99 9.45 9.15 8.99 8 .89 10.75 21.62 13.64 11.21 10.16 9.63 9 .34 9.18 9.09 11.00 21.75 13.78 11.37 10.33 9.81 9.53 9.29 11.25 21.87 13.92 11.53 10.50 9.99 9.729.579.49 11.50 22.00 14.06 11.69 10.67 10.17 9.91 9 .77 9.69 11.75 22.1214.21 11.85 10.84 10.35 10.10 9 .96 9.89 12.00 22.25 14.35 12.01 10.54 10.29 10.16 10.09 12.25 22.38 14.50 12.17 11.19 10.72 10.48 10.36 10.29 12.50 22.50 14.64 12.33 11.37 10.91 10.68 10.56 10.49 12.75 22.63 14.79 12.49 11.54 11.10 10.87 10.76 10.70 13.00 22.76 14.94 12.66 11.72 11.28 11.07 10.96 10.90 Monthly Payments to Amortize Principal and Interest per $1,000 Financed 9.16 9.37 11.02 buo ng Blog
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