Youve taken a 30-year, $60,000 mortgage to finance the purchase of your new house. The mortgage has
Question:
You’ve taken a 30-year, $60,000 mortgage to finance the purchase of your new house. The mortgage has an interest rate of 10% annually and requires monthly flat payments of interest and principal (by “flat” we mean that all the payments are equal).
a. Use PMT to compute the monthly payment.
b. Design a loan table showing that the payment you computed in the first part of this problem indeed pays off the mortgage.
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Related Book For
Principles Of Finance Wtih Excel
ISBN: 9780190296384
3rd Edition
Authors: Simon Benninga, Tal Mofkadi
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