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2. The present value of an ordinary annuity is given as PV = PMT 1-(1+1)-n where PV is the present value of all payments, PMT
2. The present value of an ordinary annuity is given as PV = PMT 1-(1+1)-n where PV is the present value of all payments, PMT is the periodic payment, i is the interest rate per period and n is the number of periods. The payments are made at the end of each period. A family is thinking about buying a new house costing $150,000. The family must pay 20% down, and the rest is to be amortized over 30 years in equal monthly payments. If money costs 7.5% compounded monthly, create a macro to find the monthly payment. Name the macro PMT (Keyboard shortcut: Ctrl + p). Create a second macro to find the total interest that will be paid over 30 years. Name the macro INT (Keyboard shortcut: Ctrl + i). Use PMT and INT to find the monthly payment and the total interest for 25 years, 20 years, 15 years, and 10 years mortgage. Your solution should clearly show the macros
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