You are buying your first house for $250,000, and are paying $60,000 as a down payment.

You

have arranged to finance the remaining amount with a 30year mortgage with a 6.5% nominal

interest rate and monthly payments.

What formula will tell you the equal monthly payments you

must make

? Show

proof

using excel that you used the right formula

(s).

a.

=PMT(B3/12,B4*12,B2)

b.

=PMT(0.00541666,360,190000,0)

c. =PMT(B3,B4,B2)

d.

Both A and B

do in excel