Narrative 14-2
for Problems in This Section, Use Table 14-1 $9 \frac { 1 } { 2 } \%$

question 72

Short Answer

Narrative 14-2
For problems in this section, use Table 14-1 from your text to find monthly mortgage payments.
-Refer to Narrative in your text 14-2. Joe and Marcie Kerrigan are buying their first home. They are financing a $55,000 mortgage at $9 \frac { 1 } { 2 } \%$ for 30 years.
A)What is their monthly payment?
B)What is the total amount of interest that will be paid on this mortgage?

• A)What is their monthly payment?
• B)What is the total amount of interest that will be paid on this mortgage?

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