Monday, December 24, 2018

What is the amount of each mortgage payment?




Excel File
Wings and More purchased a piece of property for $1.8 million. It paid a down payment of 20 percent in cash and financed the balance.
 The loan terms require monthly payments for 15 years at an annual percentage rate of 4.60 percent, compounded monthly.
 What is the amount of each mortgage payment?
Purchase Price 1,800,000
Down payment (20%) 360000 =E8*0.2
Loan 1,440,000
n 15
i 0.046
Mortgage Pmt -$11,089.64 =PMT(E14/12,E13*12,E12,)

No comments:

Post a Comment