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You are planning to purchase a house that costs $600,000. You plan to put 20% down and borrow the remainder. Based on your credit score,
You are planning to purchase a house that costs $600,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 4.5% on a 30-year mortgage.
| 3. Use the function RATE to calculate the interest rate given a payment of $2,200 and a loan amount of $500,000. | |||||||
| PV of loan (PV) | |||||||
| Payment amount (pmt) | |||||||
| # of periods (T) | |||||||
| Periodic interest rate (r) | |||||||
| APR | |||||||
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Personal Finance
Authors: Jack Kapoor
13th Edition
1260799735, 9781260799736
