Question: Answer these questions using excel 7. A housing agent is insisting you to buy a house by taking a mortgage at the rate of 8%

Answer these questions using excel

7. A housing agent is insisting you to buy a house by taking a mortgage at the rate of 8% per year. The agent informed you that you have to pay $3,000 per month to have the mortgage for 27 years. What was the price of the house (or present value of the mortgage)?

8. How much should you be willing to pay for a bond with a face value $1,000 that pays 5.5% coupon and matures in 10 years if your expected rate of return is 7%?

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