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What would be the monthly mortgage payments for each of the following situations? A $64,000, 15-year loan...

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Finance

What would be the monthly mortgage payments for each of thefollowing situations?

A $64,000, 15-year loan at 7.0 percent APR compoundedsemi-annually

A $140,000, 25-year loan at 5.5 percent APR compoundedsemi-annually

A $104,000, 20-year loan at 4.0 percent APR compoundedsemi-annually

Answer & Explanation Solved by verified expert
3.8 Ratings (458 Votes)
Part A To determine the amount of payment we first need to find the effective rate of interest as below Effective Rate of Interest 1Interest RateCompounding FrequencyCompounding Frequency 1 1722 1 71225 Now we can calculate the amount of monthly payment with the use of formula given below Payment Rate of InterestPresent    See Answer
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What would be the monthly mortgage payments for each of thefollowing situations?A $64,000, 15-year loan at 7.0 percent APR compoundedsemi-annuallyA $140,000, 25-year loan at 5.5 percent APR compoundedsemi-annuallyA $104,000, 20-year loan at 4.0 percent APR compoundedsemi-annually

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