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Borrow $100,000 with a 20 year fixed mortgage at 6%. Calculate the monthly payment if the...

Borrow $100,000 with a 20 year fixed mortgage at 6%. Calculate the monthly payment if the loan is

Partially Amortizing- Lender and borrower agree to have a balance of $80,000 at maturity?

256.22

543,78

356.71

6543.69

Solutions

Expert Solution

Monthly payment is calculated using PMT function:

=PMT(rate,nper,pv,fv)

=PMT(6%/12,20*12,100000,-80000)

=543.78

jeff jeffy answered 2 years ago
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