The Home section of many Sunday newspapers includes a mortgage table similar to Table
Chapter 4, Problem 4.1.51(choose chapter or problem)
The Home section of many Sunday newspapers includes a mortgage table similar to Table 4.5.7 The table gives the monthly payment per $1000 borrowed for loans at various interest rates and time periods. Determine the monthly payment on a (a) $60,000 mortgage at 4% for fifteen years. (b) $60,000 mortgage at 4% for thirty years. (c) $60,000 mortgage at 6% for fifteen years. (d) Over the life of the loan, how much money would be saved on a 15-year mortgage of $60,000 if the rate were 4% instead of 6%? (e) Over the life of the loan, how much money would be saved on an 4% mortgage of $60,000 if the term of the loan was fifteen years rather than thirty years?
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