Question

Complete the following problems using either a financial calculator or a spreadsheet program. Do not use interim rounding, state your answers as positive values, to two decimal places for dollar or period values and four places for percentages stated as decimals; do not label answers with symbols such as $ or %. For example, "10.5%" should be input as ".1050"

1. An investment compounding twice a month has an effective rate of 0.1688. The nominal rate is:

2.Brian Burkhardt is planning to purchase a home and expects to borrow $241,161 to mortgage the purchase, Given a 30-year mortgage has a rate of 0.0367, the monthly payment Brian can expect to pay is:

（I need 100% accuracy）

Answer 1

	Answer:
	PART-A answer has been handwritten and attached
	Nominal Interest Rate	0.158
	Part-B:
	Given Information:
	Borrowal amount (P)	241,161
	Mortogage Period	30 Years
	No.of Months (N)	30 years * 12 Months	360 Months
	Mortogage Rate	0.0367
	Interest Rate per Month ( R )	0.0367/12	0.0031
	Monthly Payment=	P*R*(1+R)n
	(1+R)n-1
	Monthly payment=	241161*0.0031*(1+0.0031)360
	(1+0.0031)360-1
	Monthly payment=	241161*0.0031*3.0473
	3.0473-1
	Monthly payment=	2278.158737
	2.0473
	Monthly payment=	1,112.76
	The Monthly Payment will be 1112.76