Use your financial calculator to determine the monthly payments for each of the following $109500 mortgage...
Use your financial calculator to determine the monthly payments for each of the following $109500 mortgage loans. Assume no prepayments. a. 30-year fixed at 8.5 percent b. 15-year fixed at 7.5 percent c. 20-year fixed at 8 percent
Homework Answers
a. N = 30 * 12 = 360
I/Y = 8.5/12 = 0.7083333333
PV = -109,500
FV = 0
CPT PMT
PMT = 841.9602645
b. N = 15 * 12 = 180
I/Y = 7.5/12 = 0.625
PV = -109,500
FV = 0
CPT PMT
PMT = 1,015.078534
c. N = 20 * 12 = 240
I/Y = 8/12 = 0.6666666667
PV = -109,500
FV = 0
CPT PMT
PMT = 915.9018755
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