Question: Please answer with Excel formula You are financing a new home. The loan is for $191,000 and you are getting rate of 4.1% per year.
Please answer with Excel formula
| You are financing a new home. | |||||||||
| The loan is for $191,000 and you are getting rate of 4.1% per year. | |||||||||
| You have decided on a 15 year mortgage and will make monthly payments (end of the month). | |||||||||
| To get the ball rollng, you are working extra hours and expect to pay an extra $410 per month to knock down the principle. | |||||||||
| You make these payments for 4 years starting on month 1. The last payment is on month 48. | |||||||||
| Build the amortization table. | |||||||||
| What month will you make your last payment? | |||||||||
| How much will the last payment be? | |||||||||
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