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Hello. Would someone please be able to help me figure out the interest due formula for #8? Thank you in advance. Questions: 1. Is a
Hello. Would someone please be able to help me figure out the interest due formula for #8? Thank you in advance.
Questions: 1. Is a mortgage agreement a type of annuity? Yes p= 2. Calculate the down payment. $ 35,000.00 Show excel function or cell reference at all times. n= 360 4.50% 30 $175,000.00 20% f= 3. Calculate the amount to be borrowed (amortized). $140,000.00 Show excel function or cell reference at all times. 4. Calculate the monthly payment. $709.36 Show excel function or cell reference at all times. 5. Since there will be 360 monthly payments, how much will actually be paid for the home? Don't forget to add in the down payment. $290,369.40 Show excel function or cell reference at all times. 6. How much of your result from Question 5 is interest? $115,369.40 Show excel function or cell reference at all times. 7. Complete the ammortization table below for all 360 payments. As you complete the rows, pay attention to the amount of interest and the amount of principal that is paid each month. Some hints: Complete rows 1 and 2 of the table, then copy row 2 over and over in order to finish the table at the 360th row. As you copy the rows, make sure that the monthly payment amount does not change. Your monthly payment amount is an absolute cell reference. You do not have to enter each period number individually. In the first row of your table, enter 1. In the second row of your table, enter a formula, "acell + 1". Then copy that cell formula down the column of your table. 8. Add the totals for each column and make sure they match the answers above. Interest Due Portion of Principal Reduced Period # 1 Outstanding Principal $140,000 Payment Amount $709.36 Do not use excel as a calculator
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