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can you show me how to set this up on excel? also what is the question asking me solve? Q6. Karianne Yost (F381, Fa'05, F382,
can you show me how to set this up on excel? also what is the question asking me solve?
Q6. Karianne Yost (F381, Fa'05, F382, Sp'06) has secured a very good job as a securities analyst for Shearson, Lehman Bros. in Houston. She and her husband have purchased a $437,500 home in a Houston suburb. They have managed to accumulate a 20% down-payment for this purchase. Hancock Bank is now offering a special 15-year mortgage, with a fixed-rate of 4.875% for first-time loan buyers who qualify by having a credit score of at least 450, and who can afford a 20% down-payment. Determine the monthly payments that Kari and her husband will be paying for the next 15 years. Note: Round amount borrowed to the nearest 000's. Answer: $2,745.04 Step by Step Solution
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