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Sheet 5: Mortgage Payments This is a simplified version of a payment calculator. The purpose is...

Sheet 5: Mortgage Payments

This is a simplified version of a payment calculator. The purpose is to use the payment (PMT) function to illustrate various monthly payments on a mortgage loan with a 4% interest rate.

  • Insert the PMT function in cell B16.
    • Rate: The interest rate for the loan divided by the number of payments per year
    • Nper: The total number of payments for the loan
    • Pv: The principal
    • Use absolute cell references when entering the Rate and Nper
  • Copy the formula in cell B16 through B26 using the Fill Handle
  • Insert the PMT function in cell C16.
    • Rate: The interest rate for the loan divided by the number of payments per year
    • Nper: The total number of payments for the loan
    • Pv: The principal
    • Use absolute cell references when entering the Rate and Nper
  • Copy the formula in cell C16 through C26 using the Fill Handle
  • Format column A as Currency
  • Save your file
USA Loan Company
Monthly Payment Table
Percentage Rate 4.000%
Mortgage in Years
15 Years 30 Years
X X
12 Payments/Yr 12 Payments/Yr
180 360
Payments Payments
Principal 15 Years 30 Years
150000
175000
200000
225000
250000
275000
300000
325000
350000
375000
400000

Solutions

Expert Solution

The solution is as shown below:

Formulas:

jeff jeffy answered 1 year ago
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