MAP4C Chap 7/8 Summative Name: Total: | 15 1. Mortgaging a home a) Use a TVM solver to determine the monthly payment for a family who is buying a $ 750 000 home, paying 15% down, and paying 3.5% interest compounded semi-annually, over 20 years. N= Calculation of the principal borrowed (ie the present value) 1%= PV= PMT= FV= P/Y= C/Y=