Assumitrg thd you can sell the house for this molmt, use the following informdion to calculate

your gains orlosses: Selting

prie of your noor*M

Original downpayment-

*H,L#Sifr"tcnyers tt ttic rtr:r

The principal balance on yorn loan after ten ye

"

Do you gain orlose moneyovef, the l0 years? How much? Show yorn amouub md summarize your results:

r. \n11o"bt,

'iY '{ffiF.qt
III:

1oo "111%:?',? -S $cl'h ed A{b rbib,-1, \ l,b_','Lo-L,,u

Lo
,

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loo,rbo

Part

15 year Mortgage

Using the sme prchaae price and down payment, we

will iavestigate a 15 yer mortgage.

Monthly Paymmt Calculate the monthly payment for a 15 )'ear loan (rormding up to the neuest cent) by using the following formula Show your work! lPlvff is the monthly lom palment, P is the mortgage amoun! r is fte annual perce.nt rde for the lom in decimal, md the number of years to pay off the loan.J For the 15 year loan use an mnual interest rde of
4.735a/o.

I ii

.,

i]

ii
b

PMT

p
=

l-(l*frf""
\

(*)

Showqnrt bere.

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t,

\
i 'l ! * J
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yt&,7C

:+

Jv?'?
\L

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l

Monthly PaSment for a 15 yea uortgag"

It

l-l Ob

'

70