Question
***Please use Excel*** Your local bank has offered you a 15-year, $240,000 mortgage. The bank is charging 1.5 points, with processing costs of $800; both
***Please use Excel***
Your local bank has offered you a 15-year, $240,000 mortgage. The bank is charging 1.5 points, with "processing" costs of $800; both points and processing costs are deducted from the mortgage when it is given. The mortgage carries an 8% annual interest rate and is paid in equal monthly payments.
a. Calculate the monthly payment on the mortgage, show the amortization table, and compute the EAIR.
b. Use CUMIPMT to get the total interest paid over the duration of the loan.
***Please use Excel***
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Managerial Accounting
Authors: James Jiambalvo
4th edition
9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797
