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please tell me how to solve this problem by excel function You are considering three different loans to help you purchase a $200,000 house. You
please tell me how to solve this problem by excel function
You are considering three different loans to help you purchase a $200,000 house. You want to finance 80% of the house cost. All loans are 30- year fixed rate, fully amortizing mortgages that require monthly payments. Loan 1 has a 3.85% rate, a $5,000 loan fee, and 0 points. Loan 2 has a 3.95% rate, a so fee, and 3 points. Loan 3 has a 4.0% rate but no fees or points. What is the APR for each loan? Loan 1: 3.85% rate, $5,000 fee, 0 points Loan 2: 3.95% rate, $0 fee, 3 points Loan 3: 4.0% rate, $0 fee, 0 points Calculation of I for the APR Calculation of I for the APR Calculation of I for the APR Inputs Inputs Inputs PMT FV PMT RV PMT PMT FV PMT FV Points Fees from points Net Proceeds Points Fees from points Net Proceeds Points Fees from points Net Proceeds Summary Loan Loan 1 Loan 2 Loan 3 APR Answers 4.11% 4.20% 4.00% Use the appropriate formulas and Excel function to solve the problem (typed-in solutions receive 0 credit)Step by Step Solution
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