Question
At the end of which month will be for the loan outstanding balance to e less than 90% of the original loan amount for the
At the end of which month will be for the loan outstanding balance to e less than 90% of the original loan amount for the first time.
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
P&I(fixed monthly repayment after interest only expires) : 7,974.20
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