The Jose Family is buying a new 240 sq. ft. house and will borrow P1,500,000 from Bank One at a rate of 6.375% for 10 years. What will be their monthly loan payment?

EGY Problem 1: Amortization Schedule The Jose Family is tuying a new 240 sq. ft. house and will borrow P1,500,000 from Bank One at a rate of 6.375% for 10 years. What will be their monthly loan payment? Prepare an amortization schedule using Excel. Unknowns: Find annuity payment for annuity due problem. Amortize the loan (determine the amount of each payment, that is interest and reduction of principal). Assumptions: Interest rate is annual rate with monthly compounding Monthly payments are at the end of month F .... Given information: .....HEHEHEEEEEEEEEEEEE***** Annual interest rate Number of periods/years, nper ........... Compounding Amount of loan, value, Future value Type of mily Values 6.375%. ... 10.00 12.00 1,500,000.00 ................ 0.00 0.00 *** Solve for monthly payment using the PMT function/formula: Monthly loan payment Loan amortization Beginning Month Balance Monthly Payment Monthly Interest Monthly reduction of End of Month Balance 3 SA SOONBONBODROGENOW-40OON 11 12 13 14 15 18 17 26