Mortgage Payments
QUESTION
In Year 2011, you decide to get a loan of $350,000 at annual interest rate of 3.545% and to pay back monthly for 15 years.Monthly interest = 0.03545 / 12After paying the February 15, 2022, monthly mortgage, you see a refinance opportunity due to lower interest rate, how much loan amount you need to
According to the given problem, the mortgage payment is calculated using excel sheet: Step1: Go to excel sheet and click “insert” to insert the function Step2: Select the “PMT” function as we are finding the mortgage payment in this case. Step3: Enter the values as Rate =
/12; Nper = 15*12; PV = 0; FV = -350000 Step4: Click “OK” to get the desired value. The value comes to “$1,475.87” The exact amount that is needed to recover the current debt is $127,000
ANSWER:
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