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Can someone help show me how to do this in excel using financial functions? Exercise 2 (follow up quiz on this one] The Friendly Mortgage
Can someone help show me how to do this in excel using financial functions?
Exercise 2 (follow up quiz on this one] The Friendly Mortgage Company offers your choice of 10-year, 15-year, and 30-year home mortgages all at the same interest rate. Create a worksheet that will allow you to enter (inputs): 1) 2) 3) the amount of the mortgage ($250,000) the annual interest rate (6%) the number of periods per year (1,4,6,12.etc) For each type of loan (10 yt, 15 yt, and 30 yc) the worksheet should calculate (outputs): 1. 2. 3. The payment per period The total amount paid back to the mortgage company (interest & principal) The total amount of interest paid Hint: Only the payment per period will utilize a financial function. The other two calculations are mathematical Mortgage Calculator Mortgage Interest Rate Periods Per Year Mortgage Type (Year) Payment per Period Total Principal& Interest Total Interest Paid 10 15 30Step by Step Solution
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