Homework Answers
| Option 1 | Monthly payment of option 1 =Using PMT function in MS excel | PMT(rate,nper,pv,fv,type) rate = 7/12= .5833% nper =12*3 =36 pv =11000 fv 0 type =0 | PMT(0.5833%,36,11000,0,0) | ($339.65) |
| Option 2 | Monthly payment of option 1 =Using PMT function in MS excel | PMT(rate,nper,pv,fv,type) rate = 7.5/12= .625% nper =12*4 =48 pv =11000 fv 0 type =0 | PMT(0.625%,48,11000,0,0) | ($265.97) |
| Option 3 | Monthly payment of option 1 =Using PMT function in MS excel | PMT(rate,nper,pv,fv,type) rate = 8/12= .666% nper =12*5 =60 pv =11000 fv 0 type =0 | PMT(0.666%,60,11000,0,0) | ($223.00) |
| Option is A | The third loan best meets the person's need because the monthly payment of 223 is less than the maximum budgeted amount of 250 per month |
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