Question

Using this table as needed, calculate the required information for the mortgage. Table states

Monthly Payments to Amortize Principal and Interest per $1,000 Financed = 7.34

Amount Financed	Interest Rate	Term of Loan (years)	Number of $1,000s Financed	Table Factor (in $)	Monthly Payment (in $)	Total Interest (in $)
$66,500	8.00%	30		$	$	$

Answer 1

Amount Financed	Interest Rate	Term of Loan (years)	Number of $1,000s Financed	Table Factor (in $)	Monthly Payment (in $)	Total Interest (in $)
$66,500	8.00%	30	66.5	7.34	$488.11	$

1. Number OF $1000s Financed = Loan / 1000 = $66500 / 1000 = 66.5

2. Table factor = 7.34

3. Monthly Payment = Number of $1000 Financed * 7.34 = $66.5 * 7.34 = $488.11

4. Total Interest = Monthly Payment * Number of Periods - Loan

Total Interest = 488.11 * 360 - 66500

Total Interest = 175719.60 - 66500

Total Interest = $109219.60