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Problem 2: Using a Spreadsheet to Calculate Mortgage Payments What is the monthly payment on a $150,000, 30-year mortgage if the mortgage rate is 5.75
| Problem 2: Using a Spreadsheet to Calculate Mortgage Payments | ||||||||||
| What is the monthly payment on a $150,000, 30-year mortgage if the mortgage rate is 5.75 percent? 6.25 percent? | ||||||||||
| 7.5 percent? 9 percent? | ||||||||||
| Present | Annual | Periodic | => | Payment | ||||||
| value | Periods | Interest Rate | Interest Rate | |||||||
| $150,000 | FORMULA | 5.75% | FORMULA | = | FORMULA | |||||
| $150,000 | 6.25% | = | ||||||||
| $150,000 | 7.50% | = | ||||||||
| $150,000 | 9.00% | = | ||||||||
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Personal Financial Planning
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
12th Edition
1439044473, 978-1439044476
