Mortgages. (Hint: P/Y12) What is the interest rate on a mortgage of
a. $675439 with a payment of 3,625.90 for 30 years?
b. $181181 with a payment of 2,292.38 for 15 years?
c. $631658 with a payment of 5,543.25 for 30 years?
d. $480403 with a payment of 5,162.44 for 15 years?
File name: 13.-Mortgages.xls File type: application/vnd.ms-excel Price: $5
a. $675439 with a payment of 3,625.90 for 30 years?
b. $181181 with a payment of 2,292.38 for 15 years?
c. $631658 with a payment of 5,543.25 for 30 years?
d. $480403 with a payment of 5,162.44 for 15 years?
SOLUTION PREVIEW [EXCEL
SHEET]
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a.
$675439 with a payment of 3,625.90 for 30 years?
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Nper = 30 x 12
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360
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PMT =
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-3,625.90
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PV =
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675,439.00
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