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Please help me PROBLEM Gomez Inc. signed a mortgage payable on November 3 0 , 2 0 2 4 , with a bank to obtain
Please help me PROBLEM
Gomez Inc. signed a mortgage payable on November
with a bank to obtain financing for a new building. Installment
payments are to be made at the end of each month.
Information for the mortgage follows.
Mortgage loan amount
Mortgage term in years
$
Interest rate
calculate the payment and mathematical formulas with cell references to the Problem area
and work area as indicated.
a Use Excel's PMT function to calculate the amount of each installment payment.
Mortgage payment calculation
b Prepare a partial amortization table through January
b Prepare a partial amortization table through January
Nov.
Dec.
Jan. c Prepare the entries to record the mortgage on November and the first two
payments on December and January
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