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abiolataiwo2015

Answer:

A. $1,178.705

B. $1,753.05

C. $1,474.305

Explanation:

a. Calculation to determine the monthly mortgage payment of $159,500, 25-year loan at 7.5 percent.

Using this formula

Installment=Loan amount/1,000*(Table value 7.5% for 25 years)

Let plug in the formula

Installment=$159,500/$1,000*7.39

Installment=$1,178.705

Therefore the monthly mortgage payment of $159,500, 25-year loan at 7.5 percent will be $1,178.705

b. Calculation to determine the monthly mortgage payment of $217,500, 20-year loan at 7.5 percent.

Using this formula

Installment=Loan amount/1,000*(Table value 7.5% for 20 years)

Let plug in the formula

Installment=$217,500/$1,000*8.06

Installment=$1,753.05

Therefore the monthly mortgage payment of $217,500, 20-year loan at 7.5 percent will be $1,753.05

c. Calculation to determine the monthly mortgage payment of $199,500, 25-year loan at 7.5 percent.

Using this formula

Installment=Loan amount/1,000*(Table value 7.5% for 25 years)

Let plug in the formula

Installment=$199,500/$1,000*7.39

Installment=$1,474.305

Therefore the monthly mortgage payment of $199,500, 25-year loan at 7.5 percent will be $1,474.305

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