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Part B: Planning problems using Excel Mortgage payments : ( 10 % of this assignment) Loan...

Part B: Planning problems using Excel

  1. Mortgage payments : ( 10 % of this assignment)
    • Loan amount : $200,000
    • Interest rate (annual): 4.00 %
    • Term : 30 years
    • Calculate
      1. monthly payments: ( Hint : Rate and number of periods should be adjusted for monthly)
      2. Total interest amount over the life of the loan

  1. In reference to (1, above). ( 10 % of this assignment)

  1. Calculate PMT ( Monthly payments) if you want to pay of the above loan in 20 years
  2. How much less interest will you pay over the life of the loan ( versus paying in 30 years)
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