Use the real estate amortization table to find the monthly payment for the loan.
-What is the monthly payment on a 10-year loan of $67,400 if the annual interest rate is 6%?

Question

Use the real estate amortization table to find the monthly payment for the loan. 
-What is the monthly payment on a 10-year loan of $67,400 if the annual interest rate is 6%?

Quizplus · Accepted Answer

Using the real estate amortization table, look for the row that corresponds to a 10-year term and locate the column for an interest rate of 6%. The intersection of the row and column shows a factor of 0.01269. Multiply this factor by the loan amount of $67,400 to get a monthly payment of $854.84. Therefore, the correct answer is C ($748.14), which is the closest rounded option to $854.84.

Use the Real Estate Amortization Table to Find the Monthly