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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Question
Calculate the monthly payment for a 15 year mortgage of $100,000 at 6% interest. Solve for PMT
Expert Solution
Step 1
PMT(periodic payment)
A periodic payment is a payment or deposit made at regular intervals. Intervals can be yearly, monthly, or quarterly. It is mainly used to calculate the amount required to pay for the loan taken along with the interest rate. PMT is a financial function that calculates recurring payments.
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