document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1192973>Question 1192973</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Complete the following table, which shows the monthly payments on a $100,000, 30-year mortgage at the interest rates shown. Use this information to answer the following questions. (Round your answers to the nearest cent.)\r<BR>\n" );
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document.write( "Amount of Mortgage ($)       Interest Rate (%)     Monthly Payment ($)<BR>\n" );
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document.write( "   100,000                          3                  421.60<BR>\n" );
document.write( "   100,000                          4                    ?<BR>\n" );
document.write( "   100,000                          5                    ?<BR>\n" );
document.write( "   100,000                          6                    ?<BR>\n" );
document.write( "   100,000                          7                    ?<BR>\n" );
document.write( "   100,000                          8                 733.76 \r<BR>\n" );
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document.write( "(a)<BR>\n" );
document.write( "What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%/year?\r<BR>\n" );
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document.write( "Use the table to calculate the monthly mortgage payments on a $160,000 mortgage at 5%/year over 30 years.\r<BR>\n" );
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document.write( "Use the table to calculate the monthly mortgage payments on a $80,000 mortgage at 5%/year over 30 years.\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #825089 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=825089\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Amount of Mortgage ($) Interest Rate (%) Monthly Payment ($)\r<BR>\n" );
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document.write( "100,000 3 421.60<BR>\n" );
document.write( "100,000 4 477.42<BR>\n" );
document.write( "100,000 5 536.82<BR>\n" );
document.write( "100,000 6 599.55<BR>\n" );
document.write( "100,000 7 665.30<BR>\n" );
document.write( "100,000 8 733.76\r<BR>\n" );
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document.write( "(a)<BR>\n" );
document.write( "What is the difference in monthly payments between a $100,000, 30-year mortgage secured at 7%/year and one secured at 3%/year?<BR>\n" );
document.write( "it would be 665.30 minus 421.60 = 243.7\r<BR>\n" );
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document.write( "(b)<BR>\n" );
document.write( "Use the table to calculate the monthly mortgage payments on a $160,000 mortgage at 5%/year over 30 years.<BR>\n" );
document.write( "monthly mortgage for 100,000 at 5% per year is 536.82.<BR>\n" );
document.write( "monthly mortgage for 160,000 at 5% per year is 160/100 * 536.82 = 858.91.\r<BR>\n" );
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document.write( "(c)<BR>\n" );
document.write( "Use the table to calculate the monthly mortgage payments on a $80,000 mortgage at 5%/year over 30 years.<BR>\n" );
document.write( "monthly mortgage for 100,000 at 5% per year is 536.82.<BR>\n" );
document.write( "monthly mortgage for 80,000 at 5% per year is 80/100 * 536.82 = 429.46\r<BR>\n" );
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