Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

Use an Excel function to calculate the monthly payment for a 15-year loan with a principal amount of $250,000, and an annual interest rate of 5.0%. (Assume that loan payments will start one period...

1 answer below »
Use an Excel function to calculate the monthly payment for a 15-year loan with a principal amount of $250,000, and an annual interest rate of 5.0%. (Assume that loan payments will start one period from the loan start date. Unless specified otherwise, this is the typical payment arrangement for the majority of loans.)
Answered 143 days After Dec 30, 2021

Solution

Prince answered on May 22 2022
92 Votes
Sheet1
    Given
    Particular    Amount
    Loan Amount (PV)    $250,000
    No. of Year    15
    No. of Payments (NPER)    180
    Annual Interest Rate    5%
    Monthly Interest Rate (RATE)    0.0041666667
    Monthly Payment (PMT)    $1,976.98
    Thus, Monthly Payment is $1,976.98.
SOLUTION.PDF
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here
Attach File