aSuppose you bought a house and took out a mortgage for $100,000. The interest rate is 3%, and you must amortize the loan over 10 years with equal end-of-year payments.

A. Calculate the mortgage payment using the Excel function

Rate	Nper	PV	FV	Payment

B. Set up an amortization schedule that shows the annual payments and the amount of each payment that repays the principal and the amount that constitutes interest expense to the borrower and interest income to the lender

Year	Begin Ammount	Payment	Interest Paid	Principal PAid	Ending Balance
1
2
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5
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10

Answer rating: 100% (QA)

To calculate the mortgage payment using the Excel function you can use the PMT function The PMT function in Excel calculates the periodic payment for ... View the full answer