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Author Question: Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a ... (Read 159 times)

TFauchery

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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
Thinking Mathematically ¦ Blitzer ¦ 6th Edition
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Marked as best answer by TFauchery on Feb 2, 2020

cswans24

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Reply #1 on: Feb 2, 2020
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TFauchery

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Reply 2 on: Feb 2, 2020
Great answer, keep it coming :)

scottmt

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Reply 3 on: Yesterday
Wow, this really help

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