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QUESTION
N I 360 PV PYM 0.09 -120,000 FV 0 $10,800.00 a) What are the monthly payments for a 30-year, 9.00%, fully-amortizing mortgage with initial contract
I have the following answers to the attached question but I couldn't seem to get the same amount doing it in Excel.
a) $965.55
b) $103,108
c) $900 interest + $65.55 principal amount
d) $1,233 = 900 + 120,000/360
Files:
Q5.xlsx
