Assuming the cost of mortgage is $400,000, and the wner of the house makes a down payment of $40,000, th 8% interest rate and 10 years repayment plan. calculate the total amount of loan, monthly rate, number payment periods, monthly payment, tal interest paid, and amount borrowed. With the aid of what PMT function in a one variable ndition, calculate monthly payment, total amount yable, total interest payable for: 12 yrs, 16 yrs, 20 yrs,25 s, 30 yrs, 35 yrs mortgage.
Assuming the cost of mortgage is $400,000, and the wner of the house makes a down payment of $40,000, th 8% interest rate and 10 years repayment plan. calculate the total amount of loan, monthly rate, number payment periods, monthly payment, tal interest paid, and amount borrowed. With the aid of what PMT function in a one variable ndition, calculate monthly payment, total amount yable, total interest payable for: 12 yrs, 16 yrs, 20 yrs,25 s, 30 yrs, 35 yrs mortgage.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:1. Assuming the cost of mortgage is $400,000, and the
owner of the house makes a down payment of $40,000,
with 8% interest rate and 10 years repayment plan.
a. calculate the total amount of loan, monthly rate, number
of payment periods, monthly payment,
total interest paid, and amount borrowed.
b. With the aid of what PMT function in a one variable
condition, calculate monthly payment, total amount
payable, total interest payable for: 12 yrs, 16 yrs, 20 yrs ,25
yrs, 30 yrs, 35 yrs mortgage.
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