Mrs. Barb E. wants to purchase a new house for $470,000. She has just enough...
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Mrs Barb E wants to purchase a new house for $ She has just enough savings for the down payment, which means that she will need a loan for the remaining amount. The mortgage will be a year loan with monthly payments and a APR. Mrs Barb E would like to pay back the loan as soon as possible. She plans on paying $ each month, in addition to the monthly payment, to reduce the principal. a Find the monthly payment for the mortgage. Please enter the payment in cell C The number should be formatted using Currency with two decimals. b Build an amortization table to calculate how many payments does she save with the additional $ each month. Enter the amortization table in cells B:H Utilize formulas, and not Excel functions, to find the Interest and Principal payments every period. The table must only include relative and absolute references. The formulas entered in period should be able to be copied down to the end of the table. Enter the number of periods saved in cell D
Mrs Barb E wants to purchase a new house for $ She has just enough savings for the down payment, which means that she will need a loan for the remaining amount. The mortgage will be a year loan with monthly payments and a APR. Mrs Barb E would like to pay back the loan as soon as possible. She plans on paying $ each month, in addition to the monthly payment, to reduce the principal.
a Find the monthly payment for the mortgage. Please enter the payment in cell C The number should be formatted using Currency with two decimals.
b Build an amortization table to calculate how many payments does she save with the additional $ each month.
Enter the amortization table in cells B:H
Utilize formulas, and not Excel functions, to find the Interest and Principal payments every period.
The table must only include relative and absolute references.
The formulas entered in period should be able to be copied down to the end of the table.
Enter the number of periods saved in cell D
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