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The Friendly Mortgage Company offers your choice of 10-year, 15-year, and 30-year home mortgages all at the same interest rate. Create a worksheet that will
The Friendly Mortgage Company offers your choice of 10-year, 15-year, and 30-year home mortgages all at the same interest rate. Create a worksheet that will allow you to enter (inputs): 1) the amount of the mortgage ($250,000) 2) the annual interest rate (6%) 3) the number of periods per year (1,4,6,12,etc.). For each type of loan (10 yr, 15 yr, and 30 yr) the worksheet should calculate (outputs): 1. The payment per period 2. The total amount paid back to the mortgage company (interest & principal) 3. The total amount of interest paid *Hint: Only the payment per period will utilize a financial function. The other two calculations are mathematical. Mortgage Calculator Mortgage Interest Rate Periods Per Year 10 15 30 Mortgage Type (Year) Payment per Period Total Principal & Interest Total Interest Paid
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