| 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,) | |||
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