A $160,000.00 mortgage with a 20-year term is repaid by making monthly payments of $1,361.00. What...

Question

Question

A $160,000.00 mortgage with a 20-year term is repaid by making monthly payments of $1,361.00. What is the rate of interest co

Answer 1

Answer #1

c. 8.37%

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

B $160,000.00 Mortgage Amount Term(years) Monthly payment Number of monthly payment $1,361.00 240 Monthly interest rate Semi-

Cell reference -

C16 A B 160000 nm t 20 Mortgage Amount Term(years) Monthly payment Number of monthly payment 1361 =12*C3 oo Monthly interest

Hope this will help, please do comment if you need any further explanation. Your feedback would be highly appreciated.

Answer 2

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