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Most recent interest rate: 4.85 Historical maximum interest rate: 18.63 Time for the max (year/month/date): 1981-10-09 Historical minimum interest rate: Time for the min (year/month/date) 3.31 2012-11-21 Median interest rate: Mean (or average) interest rate: 7.65 8.10 Assume a 30-year fixed mortgage loan: Calculate monthly mortgage payment based on: historical maximum interest rate 150,000 PMT (monthly most recent interest rateComplete last 2 blue boxes

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Answer #1


a)
Historical Maximum Interest rate per month = 18.63%/12
Most recent interest rate = 4.85%
PMT using Excel formula = PMT(18.63%/12,360,-150000) = 2337.87

b)Most recent interest rate per month = 4.85%/12
PMT using Excel formula = PMT(4.85%/12,360,-150000) = 791.54

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