Calculate the monthly payments for a 25-year 10% self-amortizing mortgage of $350,000. Show your keystrokes. Once...
- Calculate the monthly payments for a 25-year 10% self-amortizing mortgage of $350,000. Show your keystrokes. Once you get that, please calculate the remaining loan balance after 5 years of payment.
Homework Answers
Using the following in excel or financial calculator:
| NPER | 300 | [25*12] |
| FV | 0 | |
| PV | 350000 | |
| Rate | 0.83% | [10%/12] |
| Monthly payment | 3180.45 | [ -rate(rate,nper,-pv,0,0)] |
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