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Mortgage Information Annual Interest Rate 4.90% Repayment Years 30 Price of House $275,000 Down Payment $55,000...

Mortgage Information
Annual Interest Rate 4.90%
Repayment Years 30
Price of House $275,000
Down Payment $55,000
Principal of Loan
Monthly Payments

On the Mortgage worksheet, use the PMT function in cell B7 to calculate the monthly payments of the mortgage. Use cell locations from this worksheet to define each argument of the function. Assumethat payments are made at the end of each month.On

the Mortgage worksheet, use the data provided to enter a formula in cell B6 to calculate the principal of the loan that will be required to purchase the house.

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Answer #1

Mortgage Information
Annual Interest Rate 4.90%
Repayment Years 30
Price of House $275,000
Down Payment $55,000
Principal of Loan=B4-B5
Monthly Payments =PMT(B2/12,12*B3,B6,0)

Answer is $1,167.60

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