Question
The Payment (PMT) Function below is a commonly used calculation in Finance and Accounting. Suppose you have a desired outcome in mind for the PMT()
The Payment (PMT) Function below is a commonly used calculation in Finance and Accounting. Suppose you have a desired outcome in mind for the PMT() function$800. You want to find a Down Pmt that will use the current values of Mntly Rate, Term in Mns, and Principal to achieve your goal of a Mntly Payment of $800.
| AC | AD |
| Monthly rate | 0.05 |
| Term in mns | 360 |
| Principal | 200,000 |
| Down Payment | ? |
| Monthly Payment | PMT |
a) What value of Mnthly Rate will achieve your $800 goal?
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Short Term Financial Management
Authors: Ned C Hill
1st Edition
0023548207, 978-0023548208
