Author Question: Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a ... (Read 98 times)

TFauchery · **on:** Feb 2, 2020

Question 1

Use PMT =

to determine the regular payment amount, rounded to the nearest dollar.

In terms of paying less in interest over the full term of the mortgage, which is more economical for a

mortgage : 30-year fixed at 7.00% or 20-year fixed at 6.50%?
◦ The 20-year fixed rate at at 6.50% is more economical.
◦ They are the same.
◦ The 30-year fixed rate at at 7.00% is more economical.

Question 2

Use PMT =

to determine the regular payment amount, rounded to the nearest dollar.

The price of a home is $330,000. The bank requires a 5% down payment. After the down payment, the balance is financed with a 20-year fixed-rate mortgage at 8%. Determine the monthly mortgage payment (excluding escrowed taxes and insurance) to the nearest dollar.
◦ $2610
◦ $2722
◦ $2637
◦ $2622

cswans24 · **Reply #1 on:** Feb 2, 2020

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