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Author Question: Use PMT = to determine the regular payment amount, rounded to the nearest dollar. The price of a ... (Read 195 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
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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TFauchery

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Reply 2 on: Feb 2, 2020
Thanks for the timely response, appreciate it

peter

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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