blem 2: René Lara has just signed in notary #8, the contract for the purchase and sale of a house, for a value of 1'470,000.00. He showed the seller the equivalent of a 20% down payment, and the notary the deed expenses, valued at $25,000.00 and will pay the rest in equal monthly payments during the next 15 years, which include interest at 9½% nominal interest. a) Find the value of each of the monthly payments. b) Find the total amount paid. c) Find the total amount of interest paid. d) Find the effective rate. Note: In the image, this is the original exercise, it is in Spanish, but it is easy to understand.
PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS
Problem 2:
René Lara has just signed in notary #8, the contract for the purchase and sale of a house, for a value of 1'470,000.00. He showed the seller the equivalent of a 20% down payment, and the notary the deed expenses, valued at $25,000.00 and will pay the rest in equal monthly payments during the next 15 years, which include interest at 9½% nominal interest.
a) Find the value of each of the monthly payments.
b) Find the total amount paid.
c) Find the total amount of interest paid.
d) Find the effective rate.
Note:
In the image, this is the original exercise, it is in Spanish, but it is easy to understand.
Very important Note:
It is necessary that you make a solution approach and then the result. Above all, to check the procedure and/or the formulas used, especially when you use excel.
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