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 11 months ago

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