Give the two Excel formulas that can be used to obtain the APR and the effective mortgage
Question:
1. A 20-year mortgage of $80,000 carrying a stated interest rate of 6% and three points
2. A 15-year mortgage of $180,000 carrying a stated interest rate of 9% and two points
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
1 APR n 2012 240 P 80000 0380000 77600 12 RATE n R P 0 12 RATE 240 57314 77600 0 638 e...View the full answer
Answered By
Brandon Watson
I graduated from the University of North Texas with a Mathematics Degree. In that degree, I focused largely on Analysis and Statistics. These were my main depth areas. In doing so, I took all the offered Calculus courses and Statistics courses. In addition, I have taken other proof-based classes such as Abstract Algebra and Topology. As for subjects I enjoy tutoring, anything pertaining to Algebra, Calculus, or Statistics I am especially comfortable with. While at UNT, I tutored in the Math Lab where I gathered experience by tutoring all these subjects on a daily basis for all sorts of students. Currently, I am a Doctoral student at Texas State University doing their Mathematics Education program.
0 Reviews
10+ Question Solved
Related Book For 
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
Question Posted:
