Question

HELP ASAP!!!!! 50 points!!! Please teach me how to find the answer!!

Answer 1

Case 11: Amount of monthly payment is $551.25

Case 12: Amount of monthly payment is $1361.77

Case 13: Amount of monthly payment is $814.03

Case 14: Amount of monthly payment is $656.25

Case 15: Amount of monthly payment is $897.6

Case 16: Amount of monthly payment is $2018.26

Explanation:

Case 11:

Step 1: converting your annual interest rate to a monthly interest rate by dividing by 12

Monthly rate =
`(8 \%)/(12)=(0.08)/(12)=0.00666`

Step 2: add 1 to the monthly rate

1+0.00666 = 1.00666

Step 3: multiply the number of years in the term of the mortgage by 12 to calculate the number of monthly payments you’ll make

The number of monthly payments = 30(12) = 360 months

Step 4: raise the result of 1 plus the monthly rate to the negative power of the number of monthly payments

`1.00666^((-360))` = 0.0936

Step 5: subtract that result (obtained from step 4) from 1

1 – 0.0936 = 0.906

Step 6: divide the monthly rate by the result obtained from step 5

`(0.0066)/(0.906)=0.00735`

Step 7: multiple the result by the amount you borrowed ($75,000).

Amount of monthly payment= 0.00735(75000) = $551.25

Case 12:

Step 1: converting your annual interest rate to a monthly interest rate by dividing by 12

Monthly rate =
`(11 \%)/(12)=(0.11)/(12)=0.00916`

Step 2: add 1 to the monthly rate

1+0.00916 = 1.00916

Step 3: multiply the number of years in the term of the mortgage by 12 to calculate the number of monthly payments you’ll make

The number of monthly payments = 20(12) = 240 months

Step 4: raise the result of 1 plus the monthly rate to the negative power of the number of monthly payments

`1.00916^((-240))=0.1121`

Step 5: subtract that result (obtained from step 4) from 1

1 – 0.1121 = 0.8879

Step 6: divide the monthly rate by the result obtained from step 5

`(0.00916)/(0.8879)=0.0103`

Step 7: multiple the result by the amount you borrowed ($132,000).

Amount of monthly payment= 0.0103(132000) = $1361.77

Similarly,

Case 13:

Monthly rate =
`(9 \%)/(12)=(0.09)/(12)=0.0075`

1+0.0075 = 1.0075

The number of monthly payments = 25(12) = 300 months

`1.0075^((-300))=0.1063`

1 – 0.1063 = 0.8937

`(0.0075)/(0.8937)=0.0084`

Amount of monthly payment= 0.0084(97000) = $814.03

Case 14:

Monthly rate =
`(8 \%)/(12)=(0.08)/(12)=0.00666`

1+0.00666 = 1.00666

The number of monthly payments = 30(12) = 360 months

`1.00666^((-360))=0.09166`

1 – 0.09166 = 0.9083

`(0.00666)/(0.9083)=0.0073`

Amount of monthly payment= 0.0073(89500) = $656.25

Case 15:

Monthly rate =
`(10 \%)/(12)=(0.10)/(12)=0.00833`

1+0.00833 = 1.00833

The number of monthly payments = 10(12) = 120 months

`1.00833^((-120))=0.36955`

1 – 0.36955 = 0.6304

`(0.00833)/(0.6304)=0.0132`

Amount of monthly payment= 0.0132(68,000) = $897.6

Case 16:

Monthly rate =
`(9 \%)/(12)=(0.09)/(12)=0.0075`

1+0.0075 = 1.0075

The number of monthly payments = 15(12) = 180 months

`1.0075^((-180))=0.2605`

1 – 0.2605 = 0.7395

`(0.0075)/(0.7395)=0.01014`

Amount of monthly payment= 0.01014(199,000) = $2018.26