SOLUTION: Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the following questions.

Question 1192973: Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the following questions. (Round your answers to the nearest cent.)
Amount of Mortgage ($) Interest Rate (%) Monthly Payment ($)

100,000 3 421.60
100,000 4 ?
100,000 5 ?
100,000 6 ?
100,000 7 ?
100,000 8 733.76
(a)
What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%/year?
$

(b)
Use the table to calculate the monthly mortgage payments on a $160,000 mortgage at 5%/year over 30 years.
$
Use the table to calculate the monthly mortgage payments on a $80,000 mortgage at 5%/year over 30 years.
$

Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
Amount of Mortgage ($) Interest Rate (%) Monthly Payment ($)
100,000 3 421.60
100,000 4 477.42
100,000 5 536.82
100,000 6 599.55
100,000 7 665.30
100,000 8 733.76

(a)
What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%/year?
it would be 665.30 minus 421.60 = 243.7

(b)
Use the table to calculate the monthly mortgage payments on a $160,000 mortgage at 5%/year over 30 years.
monthly mortgage for 100,000 at 5% per year is 536.82.
monthly mortgage for 160,000 at 5% per year is 160/100 * 536.82 = 858.91.

(c)
Use the table to calculate the monthly mortgage payments on a $80,000 mortgage at 5%/year over 30 years.
monthly mortgage for 100,000 at 5% per year is 536.82.
monthly mortgage for 80,000 at 5% per year is 80/100 * 536.82 = 429.46

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