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Fixed-Rate Mortgage Payments EXAMPLE Mortgage Rate Term in Years $134,000 6.75% 25 Step 1 Look in the table. The payment at 6.75% for 25 years is $6.91. Step 2 $ 6.91 Payment for $1,000 X 134 (Loan is $134,000) $925.94 Payment for $134,000 Step 3 12 Months x 25 Years 300 Months in 25 years Step 4 S X 925.94 Payment for 1 month Months 300 $277,782.00 Total payment Term Total Mortgage Rate in years Payment 6% 7% 6% 7% 7% 7.25% 7% 7.75% 7% 1. $235,000 2. $235,000 3. $84,000 4. $84,000 5. $150,000 6. $150,000 7. $202,000 8. $202,000 9. $856,000 10. $856,000 7% 11. $208,000 6% 12. $208,000 13. $157,000 30 30 30 30 25 25 25 25 Monthly Payment to Amortize (Repay) a Loan of $1,000 Term Rate 5.50% 25 30 30 30 30 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% Directions Compute the total payment for each of these mortgage loans. 20 Yrs. 6.88 7.02 7.16 7.31 7.46 7.60 7.75 7.90 14. $146,000 15. $146,000 16. $136,000 17. $136,000 18. $365,000 19. $365,000 20. $185,000 21. $185,000 22. $1,140,000 23. $1,140,000 24. $142,000 6.75% 25. $142,000 5.50% 26. $155,000 American Guidance Service, Inc. Permission is granted to reproduce for classroom use only. 8.06 8.21 Chapter 4, Lesson 5 25 Yrs. 6.14 6.29 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55 Mortgage Rate 6% 6% 7% 7% 6% 6% 6% 6% 6% 6% 5.5% 5.5% 6% 30 Yrs. 5.68 5.84 6.00 6,16 6.32 6.49 6.65 6.82 6.99 7.16 Total Term in years Payment 25 20 25 30 25 30 25 20 25 30 25 45 30 25 Consumer Mathematics

Fixed-Rate Mortgage Payments EXAMPLE Mortgage Rate Term in Years $134,000 6.75% 25 Step 1 Look in the table. The payment at 6.75% for 25 years is $6.91. Step 2 $ 6.91 Payment for $1,000 X 134 (Loan is $134,000) $925.94 Payment for $134,000 Step 3 12 Months x 25 Years 300 Months in 25 years Step 4 S X 925.94 Payment for 1 month Months 300 $277,782.00 Total payment Term Total Mortgage Rate in years Payment 6% 7% 6% 7% 7% 7.25% 7% 7.75% 7% 1. $235,000 2. $235,000 3. $84,000 4. $84,000 5. $150,000 6. $150,000 7. $202,000 8. $202,000 9. $856,000 10. $856,000 7% 11. $208,000 6% 12. $208,000 13. $157,000 30 30 30 30 25 25 25 25 Monthly Payment to Amortize (Repay) a Loan of $1,000 Term Rate 5.50% 25 30 30 30 30 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 7.75% Directions Compute the total payment for each of these mortgage loans. 20 Yrs. 6.88 7.02 7.16 7.31 7.46 7.60 7.75 7.90 14. $146,000 15. $146,000 16. $136,000 17. $136,000 18. $365,000 19. $365,000 20. $185,000 21. $185,000 22. $1,140,000 23. $1,140,000 24. $142,000 6.75% 25. $142,000 5.50% 26. $155,000 American Guidance Service, Inc. Permission is granted to reproduce for classroom use only. 8.06 8.21 Chapter 4, Lesson 5 25 Yrs. 6.14 6.29 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55 Mortgage Rate 6% 6% 7% 7% 6% 6% 6% 6% 6% 6% 5.5% 5.5% 6% 30 Yrs. 5.68 5.84 6.00 6,16 6.32 6.49 6.65 6.82 6.99 7.16 Total Term in years Payment 25 20 25 30 25 30 25 20 25 30 25 45 30 25 Consumer Mathematics

Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 16E
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Name Fixed-Rate Mortgage Payments EXAMPLE Mortgage Rate $134,000 6.75% Term in Years 25 Step 1 Look in the table. The payment at 6.75% for 25 years is $6.91. Step 2 $ 6.91 X 134 $925.94 Step 3 12 Months X 25 Years 300 Months in 25 years Payment for $1,000 (Loan is $134,000) Payment for $134,000 Step 4 S X 925.94 300 $277,782.00 1. $235,000 2. $235,000 Term Total Mortgage Rate in years Payment 6% Payment for 1 month Months Total payment 7% 6% Date 30 30 30 30 25 25 25 25 25 Directions Compute the total payment for each of these mortgage loans. 30 30 30 30 Rate 5.50% 5.75% 6.00% 6.25% Monthly Payment to Amortize (Repay) a Loan of $1,000 Term 6.50% 6.75% Period 7.00% 7.25% 7.50% 7.75% 3. $84,000 4. $84,000 7% 5. $150,000 7% 6. $150,000 7. $202,000 7.25% 7% 7.75% 7% 8. $202,000 9. $856,000 10. $856,000 7% 11. $208,000 12. $208,000 6% 6.75% 5.50% 13. $157,000 American Guidance Service, Inc. Permission is granted to reproduce for classroom use only. 20 Yrs. 6.88 7.02 7.16 7.31 7.46 7.60 7.75 7.90 8.06 8.21 14. $146,000 15. $146,000 16. $136,000 17. $136,000 18. $365,000 19. $365,000 Activity Chapter 4, Lesson 5 20. $185,000 21. $185,000 22. $1,140,000 23. $1,140,000 24. $142,000 25. $142,000 26. $155,000 25 Yrs. 6.14 6.29 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55 Term Mortgage Rate in years 25 6% 6% 7% 7% 6% 6% 6% 6% 6% 6% 5.5% 30 Yrs. 5.68 5.84 6.00 5.5% 6% 6.16 6.32 6.49 6.65 6.82 6.99 7.16 45 Total Payment 20 25 30 25 30 25 20 25 30 25 30 25 Consumer Mathematics
Transcribed Image Text:Name Fixed-Rate Mortgage Payments EXAMPLE Mortgage Rate $134,000 6.75% Term in Years 25 Step 1 Look in the table. The payment at 6.75% for 25 years is $6.91. Step 2 $ 6.91 X 134 $925.94 Step 3 12 Months X 25 Years 300 Months in 25 years Payment for $1,000 (Loan is $134,000) Payment for $134,000 Step 4 S X 925.94 300 $277,782.00 1. $235,000 2. $235,000 Term Total Mortgage Rate in years Payment 6% Payment for 1 month Months Total payment 7% 6% Date 30 30 30 30 25 25 25 25 25 Directions Compute the total payment for each of these mortgage loans. 30 30 30 30 Rate 5.50% 5.75% 6.00% 6.25% Monthly Payment to Amortize (Repay) a Loan of $1,000 Term 6.50% 6.75% Period 7.00% 7.25% 7.50% 7.75% 3. $84,000 4. $84,000 7% 5. $150,000 7% 6. $150,000 7. $202,000 7.25% 7% 7.75% 7% 8. $202,000 9. $856,000 10. $856,000 7% 11. $208,000 12. $208,000 6% 6.75% 5.50% 13. $157,000 American Guidance Service, Inc. Permission is granted to reproduce for classroom use only. 20 Yrs. 6.88 7.02 7.16 7.31 7.46 7.60 7.75 7.90 8.06 8.21 14. $146,000 15. $146,000 16. $136,000 17. $136,000 18. $365,000 19. $365,000 Activity Chapter 4, Lesson 5 20. $185,000 21. $185,000 22. $1,140,000 23. $1,140,000 24. $142,000 25. $142,000 26. $155,000 25 Yrs. 6.14 6.29 6.44 6.60 6.75 6.91 7.07 7.23 7.39 7.55 Term Mortgage Rate in years 25 6% 6% 7% 7% 6% 6% 6% 6% 6% 6% 5.5% 30 Yrs. 5.68 5.84 6.00 5.5% 6% 6.16 6.32 6.49 6.65 6.82 6.99 7.16 45 Total Payment 20 25 30 25 30 25 20 25 30 25 30 25 Consumer Mathematics
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