Question
At least one of the following excel TVM functions must be used: =PV(), =FV(), =PMT(), =RATE(), =NPER(), =IPMT(), =PPMT(), =CUMIPMT(),=CUMPRINC(). NPER1 Number of months with
At least one of the following excel TVM functions must be used: =PV(), =FV(), =PMT(), =RATE(), =NPER(), =IPMT(), =PPMT(), =CUMIPMT(),=CUMPRINC().
NPER1 Number of months with interest only repayments : 18
Number of years, n, with Principal & Interest (P&I) repayments : 23
NPER2 Number of months, n*m, with Principal & Interest (P&I) repayments : 276
Interest rate, jm, p.a (compounding monthly) : 9%
Interet rate per month (i=jm/m) : 9%/12 Loan amount : $928,022
Do Not round the answer (unless required by question) but format as dollars and cents or percentages if necessary
Right after the interest-only period expires, the interest rate changes. You need to repay $900 more each month-end to be able to fully repay the loan by the original date. Calculate the new interest rate p.a. compounded monthly. Right after the interest-only period expires, the interest rate changes. You need to repay $900 more each month-end to be able to fully repay the loan by the original date. Calculate the new interest rate p.a. compounded monthlyStep by Step Solution
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