Using the Mortgage Payoff Chart To access this chart, go to the Student Edition of Connect. In Chapter 14, find “Mortgage Payoff Chart.” Over the full amortization period, the chart plots graphs of both the mortgage balance and the cumulative interest paid. Note the “Definitions” section below the chart. You can select from a variety of accelerated payment and prepayment options. If you enter a non-zero “Prepayment amount,” the chart presents additional graphs for the balance and cumulative interest under the prepayment plan. (Round prepayment amounts to the nearest dollar before entry.) These graphs enable you to see how much the prepayments reduce both the cumulative interest cost and the time required to pay off the loan. Use this chart (and its associated report) to answer the following problems from this Exercise. In parts (b) through (f), round the answer to the nearest 0.1 year. Also note that the reduction (referred to as “savings”) in the total interest paid is over the life of the loan.
(a). Problem 1 (b). Problem 17 (c). Problem 19
(d). Problem 23 (e). Problem 29 (f). Problem 31
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