Number of Year for the Loan
Annual interest 3 4 10 20 30
Rate
4% $29.53 $22.58 $10.12 $6.06 $ 4.77
5% 29.97 23.03 10.61 6.60 5.37
6% 30.42 23.49 11.10 7.16 6.00
8% 31.34 24.41 12.13 8.36 7.34
10% 32.27 25.36 13.22 9.65 8.78
12% 33.21 26.33 14.35 11.01 10.29
Borrower took out a mortgage loan for 20 years in the amount of $80,000 with an annual interest rate of 5%.
a. Use the table of monthly payments on $1,000 loan, to find the monthly payment for this mortgage. $ _____