Answered step by step
Verified Expert Solution
Question
1 Approved Answer
use excel please Problem #3: Create a table showing the payment of a mortgage of $176,000 month by month. Create columns for: Time (in years)
use excel please
Problem #3: Create a table showing the payment of a mortgage of $176,000 month by month. Create columns for: Time (in years) - Interest (for that month) - Payment (always the same value) Payment against principal - Remaining Principal The mortgage is to last 31 years, and the nominal interest rate is 8.71% (a) What is the monthly payment? (b) What is the interest paid at the end of the 9th month? (c) How much of the principal is paid down by the payment made at the end of the 22nd month? (d) The first time that the portion of a monthly payment that is paying down the principal will be larger than the portion paying interest will occur at the end of month number_ ? Problem #3(a): Answer correct to 2 decimals Problem #3(b): Answer correct to 2 decimals Problem #3(c): Answer correct to 2 decimals Problem #3(d)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started