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Financial Functions Task 1 Data Task 2 Data Loan Amount -$175,000.00 Monthly Payment -$1,200.00 Interest Rate* 4.25% Interest Rate* 4.25% Number of Payments 360 Number
Financial Functions | |||||||
Task 1 Data | Task 2 Data | ||||||
Loan Amount | -$175,000.00 | Monthly Payment | -$1,200.00 | ||||
Interest Rate* | 4.25% | Interest Rate* | 4.25% | ||||
Number of Payments | 360 | Number of Payments | 360 | ||||
Monthly Payment | Loan Amount | ||||||
* Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function. | * Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function. | ||||||
Task 3 and 4 Data | Task 5 Data | ||||||
Loan Amount | -$212,000.00 | Monthly Savings Amount | -$75.00 | ||||
Monthly Payment | $950.00 | Interest Rate* | 2.75% | ||||
Number of Payments | 360 | Number of Months | 36 | ||||
Nominal Interest Rate | Future Account Balance | ||||||
Effective Interest Rate | |||||||
* Remember to multiply the nominal interest rate by 12 (to calculate the annual interest rate). | * Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function. | ||||||
Task 6-8 Data | |||||||
15 Year Mortgage | 30 Year Mortgage | ||||||
Loan Amount | -$310,000.00 | -$310,000.00 | |||||
Interest Rate* | 4.50% | 4.50% | |||||
Number of Payments | 180 | 360 | |||||
Monthly Payment | |||||||
Total Payments (PMT * # of PMTs) | $0.00 | $0.00 | |||||
Difference between 30-year and 15-year payback (the 30 year amount - the 15 year amount) | |||||||
* Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your functions. | |||||||
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