Please use Excel to answer the following TVM questions. You can use this spreadsheet to set up your calculations if you so desire. Unless indicated otherwise, assume that all of the problems are ordinary annuities (payment made at the end of the period).

Part 1 I am buying a home. My total mortgage will be $150,000. I will finance my home purchase with a 15-year mortgage that has an annual interest rate of 4.875%. What is my monthly payment going to be?

Present Value (PV) =

Future Value (FV) =

Payment (PMT) =

Payments or periods per yr (P/YR) =

Annual Interest Rate (RATE) =

Number of periods (NPER) =