Use the Monthly Mortgage Payment Calculator to determine the difference between the monthly payments and the total cost of payments made on a $325000 mortgage at a rate of 5.5% for twenty years to the same mortgage taken out over 30 years. INTEREST RATE | MONTHLY PAYMENT PER THOUSAND DOLLARS --- | --- | --- | --- | 15 years | 20 years | 30 years 4.25% | $7.53 | $6.21 | $4.93 4.5% | 7.65 | 6.34 | 5.08 4.75% | 7.78 | 6.48 | 5.22 5.0% | 7.91 | 6.60 | 5.37 5.25% | 8.04 | 6.74 | 5.53 5.5% | 8.18 | 6.89 | 5.69 5.75% | 8.31 | 7.03 | 5.84 6.0% | 8.44 | 7.17 | 6.00 6.25% | 8.58 | 7.32 | 6.16 6.5% | 8.72 | 7.46 | 6.33 6.75% | 8.85 | 7.61 | 6.49 7.0% | 8.99 | 7.75 | 6.65 7.25% | 9.13 | 7.90 | 6.82 7.5% | 9.27 | 8.06 | 6.99
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95% for 20 years and 30 years. However, the table provided does not have a rate of 5.95%. Therefore, we cannot calculate the exact monthly payments and total cost of payments for this mortgage using this table. If the table had the required information, we would Show more…
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If you borrow $120,000 at an APR of 7% for 25 years, you will pay $848.13 per month. If you borrow the same amount at the same APR for 30 years, you will pay $798.36 per month. a. What is the total interest paid on the 25-year mortgage? b. What is the total interest paid on the 30-year mortgage? c. How much more interest is paid on the 30-year loan? Round to the nearest dollar. d. If you can afford the difference in monthly payments, you can take out the 25-year loan and save all the interest from part c.What is the difference between the monthly payments of the two different loans? Round to the nearest dollar.
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Use the given payment schedule. Yearly Payment Schedule Year Principal Paid Interest Paid Loan Balance $ 35,000.00 2010 $ 773.32 $3,291.90 $ 34,226.68 2011 $ 850.08 $ 3,215.15 $ 33,376.60 2012 $ 934.44 $ 3,130.78 $ 32,442.16 2013 $ 1,027.18 $ 3,038.04 $ 31,414.97 2014 $ 1,129.13 $ 2,936.10 $ 30,285.84 2015 $ 1,241.19 $ 29,044.65 2016 $ 1,364.38 $ 27,680.27 2017 $ 1,499.79 $ 26,180.48 2018 $ 1,648.64 $ 24,531.84 2019 $ 1,812.26 $ 22,719.57 2020 $ 1,992.13 $ 2,073.10 $ 20,727.45 2021 $2,189.84 $ 1,875.39 $ 18,537.61 2022 $ 2,407.18 $ 1,658.05 $ 16,130.43 2023 $ 2,646.08 $ 13,484.34 2024 $ 2,908.70 $ 10,575.64 2025 $ 3,197.38 $ 7,378.26 2026 $ 3,514.72 $ 3,863.54 2027 $ 3,863.54 $ 0.00 a. What is the loan amount? b. What is the length of the loan? c. What is the approximate monthly payment rounded to the nearest cent? d. What is the total interest paid over the life of the loan? e. Construct a scatterplot using the data points (year, loan balance). f. Write a linear regression equation that approximates the year/loan balance relationship. Round to the nearest hundredth. g. Write a quadratic regression equation that approximates the year/ loan balance relationship. Round to the nearest hundredth. h. Write a cubic regression equation that approximates the year/ loan balance relationship. Round to the nearest hundredth.
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