SHOW CLEAR WORK ON EXCEL A fully amortizing mortgage loan is made for $100,000 at 6...

SHOW CLEAR WORK ON EXCEL

A fully amortizing mortgage loan is made for $100,000 at 6 percent interest for 30 years. Determine payments for each of the periods a–d below if interest is accured:

a. Monthly.

b. Quarterly.

c. Annually.

d. Weekly.

Solutions

Expert Solution

Particulars	rate	nper	PV	FV	Answer
Monthly	0.50000%	360	-100,000	-	$599.55
Quarterly	1.50000%	120	-100,000	-	$1,801.85
Annually	6.00000%	30	-100,000	-	$7,264.89
Weekly	0.11538%	1560	-100,000	-	$138.26

Check the formula below:

Particulars	rate	nper	PV	FV	Answer
Monthly	=6%/12	=30*12	-100000	0	=PMT(6%/12,30*12,-100000,0)
Quarterly	=6%/4	=30*4	-100000	0	=PMT(6%/4,30*4,-100000,0)
Annually	=6%	=30	-100000	0	=PMT(6%,30,-100000,0)
Weekly	=6%/52	=30*52	-100000	0	=PMT(6%/52,30*52,-100000,0)

jeff jeffy answered 1 year ago

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