Answered

Westonci.ca is the premier destination for reliable answers to your questions, brought to you by a community of experts. Discover reliable solutions to your questions from a wide network of experts on our comprehensive Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

Can someone please help me

Can Someone Please Help Me class=

Sagot :

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

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.