Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do I show my work for these problems in Excel? Present Value (PV) Payment (PMT) Future Value Annual Rate Periods (N) Compounding (W/M/Qtr/ Mode

image text in transcribed
How do I show my work for these problems in Excel?
image text in transcribed

Present Value (PV) Payment (PMT) Future Value Annual Rate Periods (N) Compounding (W/M/Qtr/ Mode Annual) (End/Begin) 1 2 3 4 5 6 7 8 9 10 11 12 1. Calculate the monthlypa ment for a home loan of $800,000 financed at 8.0% over 30 years. 2. Calculate the monthly payment for a home loan in Detroit of $200,000 financed at 7% over 15 years. Note the buyer will only finance 80% of the purchase price and make a down payment of 20%. 3. Calculate the future value of $25,000 invested for 10 years assuming an annual interest rate of 6%, cpmpounded month 4. Calculate the future value of $2,000 invested for 9 years assuming an annual interest rate of 9%. 5. Calculate the future value of an ordinary annuity of $1 ,OOO paid monthly for 10 years, assuming an annual earnin rate of 10%. 6. Calculate the annual interest rate that a bank must pay on a Certificate of Deposit if a client deposited $5,000 and withdrew $50,000 in 25 years. Assuming the interest is compounded on a monthly basis.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

4th edition

978-1259995057, 1259995054, 978-0077503987, 77503988, 978-0077639730

More Books

Students also viewed these Accounting questions

Question

Show enthusiasm for the position (but not too much).

Answered: 1 week ago

Question

Session timeout defaults to _ _ _ _ _ minutes.

Answered: 1 week ago