Investigate the effect of the interest rate on home loans by finding the monthly payment and the total interest for a forty-year simple interest amortized loan of $150,000 at the following rates. (Round your answers to the nearest cent.) (a) 6% 1) payment 2) total interest (b) 7% 1) payment 2) total interest (c) 8% 1) payment 2) total interest (d) 9% 1) payment 2) total interest (e) 10% 1) payment 2) total interest (f) 11% 1) payment 2) total interest
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Investigate the effect of the interest rate on home loans by finding the monthly payment and the total interest for a forty-year simple interest amortized loan of $150,000 at the following rates. (Round your answers to the nearest cent.)
(a) 6%
1) payment
2) total interest
(b) 7%
1) payment
2) total interest
(c) 8%
1) payment
2) total interest
(d) 9%
1) payment
2) total interest
(e) 10%
1) payment
2) total interest
(f) 11%
1) payment
2) total interest
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