In: Finance
Suppose you take a fixed-rate mortgage for $250,000 at 4.50% for
30 years, monthly payments.
A. (1 pt) How much of the payment is interest for month 100?
B. (1 pt) How much total interest do you pay in the first six
years?
1.
=FV(4.5%/12,99,PMT(4.5%/12,12*30,-250000),-250000)*4.5%/12=789.834921518944
2.
=PMT(4.5%/12,12*30,-250000)*12*6-(250000-FV(4.5%/12,12*6,PMT(4.5%/12,12*30,-250000),-250000))=64049.5726007456