Q17: Mr. Johnson is a business man in Taipei. He purchased a new apartment worth NTD...

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Q17: Mr. Johnson is a business man in Taipei. He purchased a new apartment worth NTD 10300000. He paid NTD 2,750,000 as down payment. He got the interest rate at 2%. He has to pay off the total loan in 20 years. At the end of 2nd years of the loan Mr. Johnson and friends went to Dubai for some business purposes. When he return back he took a Big ticket lottery from Abu Dhabi airport. He was so lucky in it. Because he won the lottery worth NTD 7,000,000. (Your answer should use Excel format)- (A) Calculate the monthly annuity of the loan(3 Points).. (B) If Mr. Johnson would like to pay off his all the loan amount with lottery prise money, how much the total payment amount does he need to pay at the end of 24th month? (2 Points) Q17: Mr. Johnson is a business man in Taipei. He purchased a new apartment worth NTD 10300000. He paid NTD 2,750,000 as down payment. He got the interest rate at 2%. He has to pay off the total loan in 20 years. At the end of 2nd years of the loan Mr. Johnson and friends went to Dubai for some business purposes. When he return back he took a Big ticket lottery from Abu Dhabi airport. He was so lucky in it. Because he won the lottery worth NTD 7,000,000. (Your answer should use Excel format)- (A) Calculate the monthly annuity of the loan(3 Points).. (B) If Mr. Johnson would like to pay off his all the loan amount with lottery prise money, how much the total payment amount does he need to pay at the end of 24th month? (2 Points)

Answer rating: 100% (QA)

To calculate the monthly annuity of the loan we can use the PMT function in Excel The formula for th... View the full answer