Please show how to solve this problem using excel and please show the spreadsheet formulas. Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5% What is the total payment in the 180th month? What is the outstanding balance at the end of 10 years (120 months)? What is the total interest payment during the entire loan term (180 months)?
Please show how to solve this problem using excel and please show the spreadsheet formulas. Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5% What is the total payment in the 180th month? What is the outstanding balance at the end of 10 years (120 months)? What is the total interest payment during the entire loan term (180 months)?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
Question
Please show how to solve this problem using excel and please show the spreadsheet formulas.
Interest-only mortgage with monthly payments and loan amount: $56,000; Term: 15 years; Annual interest rate: 7.5%
- What is the total payment in the 180th month?
- What is the outstanding balance at the end of 10 years (120 months)?
- What is the total interest payment during the entire loan term (180 months)?
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