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

Step-by-step explanation:

Case 11:

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

Monthly rate =  $\frac{8 \%}{12}=\frac{0.08}{12}=0.00666$

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

          $\frac{0.0066}{0.906}=0.00735$

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 =  $\frac{11 \%}{12}=\frac{0.11}{12}=0.00916$

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

         $\frac{0.00916}{0.8879}=0.0103$

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 =  $\frac{9 \%}{12}=\frac{0.09}{12}=0.0075$

      1+0.0075 = 1.0075

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

      $1.0075^{(-300)}=0.1063$

        1 – 0.1063 = 0.8937

          $\frac{0.0075}{0.8937}=0.0084$

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

Case 14:

Monthly rate =  $\frac{8 \%}{12}=\frac{0.08}{12}=0.00666$

1+0.00666 = 1.00666

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

          $1.00666^{(-360)}=0.09166$

          1 – 0.09166 = 0.9083

             $\frac{0.00666}{0.9083}=0.0073$

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

Case 15:

Monthly rate =  $\frac{10 \%}{12}=\frac{0.10}{12}=0.00833$

1+0.00833 = 1.00833

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

        $1.00833^{(-120)}=0.36955$

        1 – 0.36955 = 0.6304

            $\frac{0.00833}{0.6304}=0.0132$

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

Case 16:

Monthly rate = $\frac{9 \%}{12}=\frac{0.09}{12}=0.0075$

1+0.0075 = 1.0075

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

           $1.0075^{(-180)}=0.2605$

         1 – 0.2605 = 0.7395

           $\frac{0.0075}{0.7395}=0.01014$

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