Question: need help with 2, 3, 4, and 5 write formulas in excel format thanks :) Backgroun When moving to Macon, I took out a 15
Backgroun When moving to Macon, I took out a 15 year $100,000 loan with a 6.125% APR, compounded monthly. I have already made 12 payments. Question 1: What is my current P&I payment (what is A on this 15 year $100,000 loan)? A Alama Question 2: What is the present value and future value of the remaining payments of my current loan? PA= FA= I have a chance to refinance by taking out another 15 year $99,200 loan with a 4.75% APR, compounded monthly. (Note the principle is different because new closing costs ($3,200) have been rolled into the remaining principle of the existing loan ($96,000), so that no out of pocket expenses are incurred). Question 3: What is the new P&I payment? Ag = Question 4: What is the present value and future value of this new loan (this is an easy question)? PB = Fe = Question 5: What will be the present value and future value of each loan in two years (24 months)? Keep in mind that 12 months had already been paid on the first option. PA-2 = FA-2 = P8-2 = FB-2 =
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