(1) Calculate the monthly payment for a 30 year mortgage of $100,000 at 6% interest. Solve for PMT

Why is the solution negative?

(2) Calculate the monthly payment for a 15 year mortgage of $100,000 at 6% interest. Solve for PMT

(3) Your budget allows a monthly mortgage payment of $700. How much can you borrow based on a 30 year mortgage at 6%? Solve for PV

(4) Youve just taken out the $100,000, 30 yr mortgage at 6%. When will the mortgage be paid in full assuming you add $200 to each monthly payment you make? Solve first for payment, then add $200 to this payment, input the new payment amount into PMT, then (press) solve for N.

(5) A lender offers you a $125,000, 30 year mortgage with monthly payments of $769.65. Whats the interest rate? Solve for I. Hint, be sure to enter the payment as a negative number.

(6) You have taken out a new 30 year, $100,000 mortgage at 6% interest on your home. You now learn that you will most likely move to another state in 5 years. What will the loan balance be in 5 years? Solve for PMT, then reload 60 into N, solve for FV.

(7) You are considering refinancing your homes 30 year mortgage at a lower interest rate. Your original loan amount was $85,000 and your current monthly payment is $683.93. Assuming you wish to continue paying the same monthly amount on a new 30 year mortgage, how much cash can you pull out from refinancing the current loan balance at 6% now that you have been in the home for five years? Solve for original I. Reload 60 into N. Solve for FV. Solve for the new PV under the new terms, then subtract from FV found above.