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Please show me how to do the following using excel. Thanks!! A fully amortizing mortgage loan is made for $94,000 at 6 percent interest for
Please show me how to do the following using excel.
Thanks!!
A fully amortizing mortgage loan is made for $94,000 at 6 percent interest for 25 years. Payments are to be made monthly. Required: a. Calculate monthly payments. b. Calculate interest and principal payments during month 1. c. Calculate total principal and total interest paid over 25 years. d. Calculate the outstanding loan balance if the loan is repaid at the end of year 10 . e. Calculate total monthly interest and principal payments through year 10 . f. What would the breakdown of interest and principal be during month 50 ? Complete this question by entering your answers in the tabs below. Calculate monthly payments. (Round your final answer to 2 decimal places.) A borrower obtains a fully amortizing CPM loan for $141,000 at 6 percent interest for 10 years. Required: a. What will be the monthly payment on the loan? b. If this loan had a maturity of 30 years, what would be the monthly payment? (For all requirements, do not round intermediate calculations. round your final answers to 2 decimal places A loan of $79,500 is due 10 years from today. The borrower wants to make annual payments at the end of each year into a sinking fund that will earn compound interest at an annual rate of 10 percent. Required: a. What will the annual payments have to be? Note: Do not round intermediate calculations and round your final answer to the nearest whole dollar amount. b. Suppose the investor makes the payments monthly instead. How much would they need to pay each month? Note: Do not round intermediate calculations and round your final answer to 2 decimal places. c. If payment was made by making monthly payments with monthly compounding then how less they will pay in a year? Note: Do not round intermediate calculations and round your final answer to 2 decimal placesStep by Step Solution
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