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I am struggling with number 1 and it also has to be done on Excel Contract Size 200,000 200,000 200,000 200,000 Fees 1600 1600 1600
I am struggling with number 1 and it also has to be done on Excel
Contract Size 200,000 200,000 200,000 200,000 Fees 1600 1600 1600 1600 Maturity 30 years 30 years 15 years 15 years Rate 5.25% 4.75% 4.25% 4.50% Points 0.25 2.25 1.375 0.125 Above are the price quotes from Bank of America for 4 fixed-rate mortgages as of September 17, 2009, two with a 30-year maturity and two with a 15-year maturity. For each loan, the loan size is $200,000 and the closing fees are $1,600. 1) For each mortgage, compute the monthly payment and the APR. Show your work in terms of the data you input into your Excel functions or your Calculator. (Once you have done the first, you should be able to organize the process to do all the others very rapidly). Contract Size 200,000 200,000 200,000 200,000 Fees 1600 1600 1600 1600 Maturity 30 years 30 years 15 years 15 years Rate 5.25% 4.75% 4.25% 4.50% Points 0.25 2.25 1.375 0.125 Above are the price quotes from Bank of America for 4 fixed-rate mortgages as of September 17, 2009, two with a 30-year maturity and two with a 15-year maturity. For each loan, the loan size is $200,000 and the closing fees are $1,600. 1) For each mortgage, compute the monthly payment and the APR. Show your work in terms of the data you input into your Excel functions or your Calculator. (Once you have done the first, you should be able to organize the process to do all the others very rapidly)Step by Step Solution
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