SHOW CLEAR WORK ON EXCEL Regarding Problem 3,how much total interest and principal would be paid...

SHOW CLEAR WORK ON EXCEL

Regarding Problem 3,how much total interest and principal would be paid over the entire 30-year life of the mortgage in each case? Which payment pattern would have the greatest total amount of interest over the 30-year term of the loan? Why?

(reference problem 3)

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.

Expert Solution

use pmt formuale to get the payment for each period

cumprinc formuale for cummulative principal

cumipmt formuale for cummulativ interest

The total interest is highest for annual payment since the period is less

jeff jeffy answered 2 years ago

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