Business Math (11th Edition)
Business Math (11th Edition)
11th Edition
ISBN: 9780134496436
Author: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
Publisher: PEARSON
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Chapter 16, Problem 1ES
To determine

To calculate: The monthly payment for a mortgage amount of $287,500 at 5.75% annual interest rate for 20 years using an Excel function.

Expert Solution & Answer
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Answer to Problem 1ES

Solution:

The monthly payment for a mortgage amount of $287,500 at 5.75% annual interest rate for 20 years is $2,018.49_.

Explanation of Solution

Given Information:

A mortgage amount of $287,500 at 5.75% annual interest rate for 20 years.

Formula used:

To find the monthly payment for the given mortgage amount using an Excel Function, follow the steps given below:

1. Open MS Excel, go to Formulas, then Financial and then choose PMT.

2. Enter the values of annual interest rate in ‘Rate’, number of payments in ‘Nper’, mortgage amount in ‘PV’. Enter 0 for FV and Type or leave them blank.

3. Finally, press Ok to get the required value.

Calculation:

It is required to find the monthly payment for a mortgage amount of $287,500 at 5.75% annual interest rate for 20 years using an Excel function.

Follow the following steps:

Step1: Open MS Excel, go to Formulas, then Financial and then choose PMT.

Business Math (11th Edition), Chapter 16, Problem 1ES , additional homework tip  1

Step2: Enter the following values: Rate=5.75%/12,Nper=20*12,Pv=287500 and enter 0 for FV and Type.

This will give the required value as shown below:

Business Math (11th Edition), Chapter 16, Problem 1ES , additional homework tip  2

Hence, the monthly payment for a mortgage amount of $287,500 at 5.75% annual interest rate for 20 years is $2,018.49.

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Chapter 16 Solutions

Business Math (11th Edition)

Ch. 16.1 - Prob. 2-3SCCh. 16.1 - Prob. 2-4SCCh. 16.1 - Prob. 2-5SCCh. 16.1 - Prob. 2-6SCCh. 16.1 - Prob. 2-7SCCh. 16.1 - Prob. 1SECh. 16.1 - Prob. 2SECh. 16.1 - Prob. 3SECh. 16.1 - Prob. 4SECh. 16.1 - Prob. 5SECh. 16.1 - Prob. 6SECh. 16.1 - Prob. 7SECh. 16.1 - Prob. 8SECh. 16.1 - Prob. 9SECh. 16.1 - Prob. 10SECh. 16.1 - Prob. 11SECh. 16.1 - Prob. 12SECh. 16.1 - Prob. 13SECh. 16.1 - Prob. 14SECh. 16.1 - Prob. 15SECh. 16.1 - Prob. 16SECh. 16.2 - Prob. 1-1SCCh. 16.2 - Prob. 1-2SCCh. 16.2 - Prob. 1-3SCCh. 16.2 - Prob. 1-4SCCh. 16.2 - Prob. 2-1SCCh. 16.2 - Prob. 2-2SCCh. 16.2 - Prob. 2-3SCCh. 16.2 - Prob. 2-4SCCh. 16.2 - Prob. 1SECh. 16.2 - Prob. 2SECh. 16.2 - Prob. 3SECh. 16.2 - Prob. 4SECh. 16.2 - Prob. 5SECh. 16.2 - Prob. 6SECh. 16.2 - Prob. 7SECh. 16.2 - Prob. 8SECh. 16.2 - Prob. 9SECh. 16.2 - Prob. 10SECh. 16.2 - Prob. 11SECh. 16.2 - Prob. 12SECh. 16.2 - Prob. 13SECh. 16.2 - Prob. 14SECh. 16 - Prob. 1ESCh. 16 - Prob. 2ESCh. 16 - Prob. 3ESCh. 16 - Prob. 4ESCh. 16 - Prob. 5ESCh. 16 - Prob. 6ESCh. 16 - Prob. 7ESCh. 16 - Prob. 8ESCh. 16 - Prob. 9ESCh. 16 - Prob. 10ESCh. 16 - Prob. 11ESCh. 16 - Prob. 12ESCh. 16 - Prob. 13ESCh. 16 - Prob. 14ESCh. 16 - Prob. 15ESCh. 16 - Prob. 16ESCh. 16 - Prob. 17ESCh. 16 - Prob. 18ESCh. 16 - Prob. 19ESCh. 16 - Prob. 20ESCh. 16 - Prob. 21ESCh. 16 - Prob. 22ESCh. 16 - Prob. 23ESCh. 16 - Prob. 24ESCh. 16 - Prob. 25ESCh. 16 - Prob. 26ESCh. 16 - Prob. 27ESCh. 16 - Prob. 28ESCh. 16 - Prob. 29ESCh. 16 - Prob. 30ESCh. 16 - Prob. 31ESCh. 16 - Prob. 32ESCh. 16 - Prob. 33ESCh. 16 - Prob. 34ESCh. 16 - Prob. 35ESCh. 16 - Prob. 36ESCh. 16 - Prob. 1PTCh. 16 - Prob. 2PTCh. 16 - Prob. 3PTCh. 16 - Prob. 4PTCh. 16 - Prob. 5PTCh. 16 - Prob. 6PTCh. 16 - Prob. 7PTCh. 16 - Prob. 8PTCh. 16 - Prob. 9PTCh. 16 - Prob. 10PTCh. 16 - Prob. 11PTCh. 16 - Prob. 12PTCh. 16 - Prob. 13PTCh. 16 - Prob. 14PTCh. 16 - Prob. 15PTCh. 16 - Prob. 16PTCh. 16 - Prob. 17PTCh. 16 - Prob. 18PTCh. 16 - Prob. 1CTCh. 16 - Prob. 2CTCh. 16 - Prob. 3CTCh. 16 - Prob. 4CTCh. 16 - Prob. 5CTCh. 16 - Prob. 1CPCh. 16 - Prob. 2CPCh. 16 - Prob. 3CPCh. 16 - Prob. 1CS1Ch. 16 - Prob. 2CS1Ch. 16 - Prob. 3CS1Ch. 16 - Prob. 4CS1Ch. 16 - Prob. 1CS2Ch. 16 - Prob. 2CS2Ch. 16 - Prob. 3CS2Ch. 16 - Prob. 4CS2Ch. 16 - Prob. 5CS2
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