Question
In: Finance
What will be the monthly payment on a loan of $602, amortizedover 29 years ,...
What will be the monthly payment on a loan of $602, amortized over 29 years , at an annual interest rate of 9%
Solutions
Expert Solution
Calculations-
| Here, | ||
| Fv is the future value of loan | ||
| rate is the periodic interest rate | ||
| nper is no. of periods | ||
| pmt is the periodic payments | ||
| Pv is the present value of loan | ||
| type = 0 if the amount is paid at the end of the year ,1 if it is paid at the beginning. | ||
As no method was mentioned I have solved the problem using excel function.
jeff jeffy answered 3 years agoRelated Solutions
An loan is paid in 3 years with monthly payment starting one month after the loan...
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4. Calculate the new
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New MP:
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Payment Terms: Monthly at the end of the month
Initial Principal Amount: $12,000,000
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Develop an Amortization schedule for this particular loan. The
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The monthly payment on a loan may be calculated by the following formula: Payment = Rate *...
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Payment = Rate * (1 +
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Rate is the monthly interest rate, which is the annual
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Loan
Amount:
$...
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