#8 I just purchased a 30 year, 6% mortgage on my new home for $250,000. It...

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#8 I just purchased a 30 year, 6% mortgage on my new home for $250,000. It was nice to be able to put 20% down to avoid home mortgage insurance. I plan to increase my payment to $2,000 per month. -What is my monthly payment for 30 years? -If I increase my payment to $2,000 per month, How long will it take me to pay off my house? -How much sooner was I able to pay off the house? -How much money did I save in interest by paying more each month? a. Which excel function do you use? b. List the arguments for this function Name Argument #1 Argument #2 Argument #3 Argument #4 Argument #5 c. Is the term in years or months? For the monthly payment Value Annual or d. What is your monthly payment? e. If I pay $2,000 per month, how many months will it take to pay off my house? f. Round to the next highest month. What is the excel function to use to determine how many months with a payment of $2,000? g. How many months sooner did I pay off the house? h. If I paid for 30 years, what is the total of my payments? 1. If I paid $2,000 per month what were my total payments? j. How much did I save in interest by paying $2,000 per month? #9 Due to all of the publicity, the Hogwarts School of Witchcraft and Wizardry Endowment Fund has increased from $180,000 to $250,000 over the past 10 years. - What interest rate did they receive on their endowment fund? a. Which excel function do you use? b. List the arguments for this function Name Value Annual or Argument #1 Argument #2 Argument #3 Argument #4 Argument #5 2. C. Is the term in years or months? d. What rate of interest did I eam? 5#10 What are your key take aways from this weeks module? 2 Give your answer here: 3. #8 I just purchased a 30 year, 6% mortgage on my new home for $250,000. It was nice to be able to put 20% down to avoid home mortgage insurance. I plan to increase my payment to $2,000 per month. -What is my monthly payment for 30 years? -If I increase my payment to $2,000 per month, How long will it take me to pay off my house? -How much sooner was I able to pay off the house? -How much money did I save in interest by paying more each month? a. Which excel function do you use? b. List the arguments for this function Name Argument #1 Argument #2 Argument #3 Argument #4 Argument #5 c. Is the term in years or months? For the monthly payment Value Annual or d. What is your monthly payment? e. If I pay $2,000 per month, how many months will it take to pay off my house? f. Round to the next highest month. What is the excel function to use to determine how many months with a payment of $2,000? g. How many months sooner did I pay off the house? h. If I paid for 30 years, what is the total of my payments? 1. If I paid $2,000 per month what were my total payments? j. How much did I save in interest by paying $2,000 per month? #9 Due to all of the publicity, the Hogwarts School of Witchcraft and Wizardry Endowment Fund has increased from $180,000 to $250,000 over the past 10 years. - What interest rate did they receive on their endowment fund? a. Which excel function do you use? b. List the arguments for this function Name Value Annual or Argument #1 Argument #2 Argument #3 Argument #4 Argument #5 2. C. Is the term in years or months? d. What rate of interest did I eam? 5#10 What are your key take aways from this weeks module? 2 Give your answer here: 3.