9. How long would it take to pay off the following mortgages? (Hint. Never is a possible answer.)
Mortgage 
Payment ($) 
Coupon rate (%) 
Initial Loan ($) 
Maturity 
A 
400 
10 
45000 

B 
800 
10.5 
75000 

C 
600 
11 
62000 

D 
550 
11 
60000 
The correct answers are:
a.
334 months
b.
197 months
c.
322 months
d.
Never
I just need to see the work
Mortgage A
use excel function to find number of months
=NPER(rate,pmt,pv,fv)
=NPER(10%/12,400,45000,0)
=334 months
Mortgage B
use excel function to find number of months
=NPER(rate,pmt,pv,fv)
=NPER(10.5%/12,800,75000,0)
=197 months
Mortgage C
use excel function to find number of months
=NPER(rate,pmt,pv,fv)
=NPER(11%/12,600,62000,0)
=322 months
Mortgage D
use excel function to find number of months
=NPER(rate,pmt,pv,fv)
=NPER(11%/12,550,60000,0)
=NA,so answer is never
the above are answers
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