Complete the following table: (Use Table 15.1)Note: Round your intermediate calculations and final answer to the nearest cent.Selling price Down payment Amount mortgage131,000 $5,000Rate7.00 %Years30Monthly paymentFirst Payment Broken Down IntoInterestPrincipalBalance at end ofmonth Amortization table (mortgage principal and interest per $1,000)[¹Rate2.0002.1252.2502.3752.5002.6252.7502.8753.0003.1253.2503.3753.5003.6253.7503.8754.0004.1254.2504.3754.5004.6254.7504.8755.0005.1255.2505.3755.5005.6255.7505.8756.0006.1256.2506.3756.5006.6256.7506.875InterestOnly0.166670.177080.187500.197920.208330.218750.229170.239580.250000.260420.270830.281250.291670.302080.312500.322920.333330.343750.354170.364580.375000.385420.395830.406250.416670.427080.437500.447920.458330.468750.479170.489580.500000.510420.520830.531250.541670.552080.5625005729210 Year9.201359.257439.313749.370269.426999.483949.541109.598489.656079.713889.771909.830149.888599.9472510.0061210.0652110.1245110.1840310.2437510.3036910.3638410.4242010.4847710.5455610.6065510.6677610.7291710.7907910.8526310.9146710.9769211.0393811.1020511.1649311.2280111.2913011.3548011.4185011.4824111 5465315 Year6.435096.492816.550856.609216.667896.726896.786226.845866.905826.966097.026697.087607.148837.210377.272227.334407.396887.459687.522787.586207.649937.713977.778327.842977.907947.973208.038788.104658.170838.237328.304108.371188.438578.506258.574238.642508.711078.779948.849098 9185420 Year5.058835.118255.178085.238345.299035.360145.421665.483615.545985.608765.671965.735575.799605.864045.928885.994146.059806.125876.192346.259226.326496.394176.462246.530706.599566.668816.738446.808476.878876.949667.020847.092387.164317.236617.309287.382327.455737.529507.603647 6781425 Year4.238544.299664.361314.423484.486174.549384.613114.677354.742114.807384.873164.939455.006245.073525.141315.209595.278375.347635.417385.487615.558325.629515.701175.773305.845905.918965.992486.066456.140876.215756.291066.366826.443016.519646.596696.674176.752076.830396.909126.9882530 Year3.696193.759023.822463.886533.951214.016514.082414.148924.216044.283754.352064.420964.490454.560514.631164.702374.774154.846504.919404.992855.066855.141405.216475.292085.368225.444875.522045.599715.677895.756565.835735.915385.995516.076116.157176.238706.320686.403116.4859865692940 Year3.028263.094443.161423.229213.297783.367143.437283.508183.579843.652263.725413.799303.873913.949234.025264.101984.179384.257464.336204.415594.495634.576294.657584.739474.821974.905054.988705.072935.157705.243025.328885.415255.502145.589525.677405.765755.854575.943856.033576 12373

Solution: Mortgage amount= Selling price - Down payment Monthly mortgage payment = Payment per…

Complete the following table: (Use Table 15.1) Note: Round your intermediate calculations and final answer to the nearest cent. Selling price Down payment Amount mortgage $ 131,000 $ 5,000 Rate Years Monthly payment 7.00 % 30 First Payment Broken Down Into Interest Principal Balance at end of month

Complete the following table: (Use Table 15.1) Note: Round your intermediate calculations and final answer to the nearest cent. Selling price Down payment Amount mortgage $ 131,000 $ 5,000 Rate Years Monthly payment 7.00 % 30 First Payment Broken Down Into Interest Principal Balance at end of month

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

Complete the following table: (Use Table 15.1)
Note: Round your intermediate calculations and final answer to the nearest cent.
Selling price Down payment Amount mortgage
131,000 $
5,000
Rate
7.00 %
Years
30
Monthly payment
First Payment Broken Down Into
Interest
Principal
Balance at end of
month

Amortization table (mortgage principal and interest per $1,000)
[¹
Rate
2.000
2.125
2.250
2.375
2.500
2.625
2.750
2.875
3.000
3.125
3.250
3.375
3.500
3.625
3.750
3.875
4.000
4.125
4.250
4.375
4.500
4.625
4.750
4.875
5.000
5.125
5.250
5.375
5.500
5.625
5.750
5.875
6.000
6.125
6.250
6.375
6.500
6.625
6.750
6.875
Interest
Only
0.16667
0.17708
0.18750
0.19792
0.20833
0.21875
0.22917
0.23958
0.25000
0.26042
0.27083
0.28125
0.29167
0.30208
0.31250
0.32292
0.33333
0.34375
0.35417
0.36458
0.37500
0.38542
0.39583
0.40625
0.41667
0.42708
0.43750
0.44792
0.45833
0.46875
0.47917
0.48958
0.50000
0.51042
0.52083
0.53125
0.54167
0.55208
0.56250
057292
10 Year
9.20135
9.25743
9.31374
9.37026
9.42699
9.48394
9.54110
9.59848
9.65607
9.71388
9.77190
9.83014
9.88859
9.94725
10.00612
10.06521
10.12451
10.18403
10.24375
10.30369
10.36384
10.42420
10.48477
10.54556
10.60655
10.66776
10.72917
10.79079
10.85263
10.91467
10.97692
11.03938
11.10205
11.16493
11.22801
11.29130
11.35480
11.41850
11.48241
11 54653
15 Year
6.43509
6.49281
6.55085
6.60921
6.66789
6.72689
6.78622
6.84586
6.90582
6.96609
7.02669
7.08760
7.14883
7.21037
7.27222
7.33440
7.39688
7.45968
7.52278
7.58620
7.64993
7.71397
7.77832
7.84297
7.90794
7.97320
8.03878
8.10465
8.17083
8.23732
8.30410
8.37118
8.43857
8.50625
8.57423
8.64250
8.71107
8.77994
8.84909
8 91854
20 Year
5.05883
5.11825
5.17808
5.23834
5.29903
5.36014
5.42166
5.48361
5.54598
5.60876
5.67196
5.73557
5.79960
5.86404
5.92888
5.99414
6.05980
6.12587
6.19234
6.25922
6.32649
6.39417
6.46224
6.53070
6.59956
6.66881
6.73844
6.80847
6.87887
6.94966
7.02084
7.09238
7.16431
7.23661
7.30928
7.38232
7.45573
7.52950
7.60364
7 67814
25 Year
4.23854
4.29966
4.36131
4.42348
4.48617
4.54938
4.61311
4.67735
4.74211
4.80738
4.87316
4.93945
5.00624
5.07352
5.14131
5.20959
5.27837
5.34763
5.41738
5.48761
5.55832
5.62951
5.70117
5.77330
5.84590
5.91896
5.99248
6.06645
6.14087
6.21575
6.29106
6.36682
6.44301
6.51964
6.59669
6.67417
6.75207
6.83039
6.90912
6.98825
30 Year
3.69619
3.75902
3.82246
3.88653
3.95121
4.01651
4.08241
4.14892
4.21604
4.28375
4.35206
4.42096
4.49045
4.56051
4.63116
4.70237
4.77415
4.84650
4.91940
4.99285
5.06685
5.14140
5.21647
5.29208
5.36822
5.44487
5.52204
5.59971
5.67789
5.75656
5.83573
5.91538
5.99551
6.07611
6.15717
6.23870
6.32068
6.40311
6.48598
656929
40 Year
3.02826
3.09444
3.16142
3.22921
3.29778
3.36714
3.43728
3.50818
3.57984
3.65226
3.72541
3.79930
3.87391
3.94923
4.02526
4.10198
4.17938
4.25746
4.33620
4.41559
4.49563
4.57629
4.65758
4.73947
4.82197
4.90505
4.98870
5.07293
5.15770
5.24302
5.32888
5.41525
5.50214
5.58952
5.67740
5.76575
5.85457
5.94385
6.03357
6 12373

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