Homework Answers
Rate = 9.8% / 12
Nper = 9 * 12 = 108
PV = 94000
FV = 0
Monthly payment can be calculated by using the following excel
formula:
=PMT(rate,nper,pv,fv)
=PMT(9.8%/12,108,-94000,0)
= $1,313.24
Monthly payment = $1,313.24
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