Question: Financial Functions Task 1 Data Task 2 Data Loan Amount -$175,000.00 Monthly Payment -$1,200.00 Interest Rate* 4.25% Interest Rate* 4.25% Number of Payments 360 Number

 
Financial Functions
Task 1 Data Task 2 Data
Loan Amount -$175,000.00 Monthly Payment -$1,200.00
Interest Rate* 4.25% Interest Rate* 4.25%
Number of Payments 360 Number of Payments 360
Monthly Payment Loan Amount
* Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function. * Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function.
Task 3 and 4 Data Task 5 Data
Loan Amount -$212,000.00 Monthly Savings Amount -$75.00
Monthly Payment $950.00 Interest Rate* 2.75%
Number of Payments 360 Number of Months 36
Nominal Interest Rate Future Account Balance
Effective Interest Rate
* Remember to multiply the nominal interest rate by 12 (to calculate the annual interest rate). * Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your function.
Task 6-8 Data
15 Year Mortgage 30 Year Mortgage
Loan Amount -$310,000.00 -$310,000.00
Interest Rate* 4.50% 4.50%
Number of Payments 180 360
Monthly Payment
Total Payments (PMT * # of PMTs) $0.00 $0.00
Difference between 30-year and 15-year payback (the 30 year amount - the 15 year amount)
* Remember to divide the interest rate by 12 (to calculate the monthly interest rate) in your functions.

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