You are interested in purchasing a home. You will take out a mortgage of $310,000 to pay for the home and pay 4.5% interest. What will your monthly payment be if you take 15 years to pay off the loan?

Reference the loan information in the "Task 6-8 Data" cells as the arguments for your function.

What will your monthly payment be if you take 30 years to pay off the loan you worked with in task 6? (Please reference the loan information in the "Task 6-8 Data" cells as the arguments for your functions.)

Reference the loan information in the "Task 6-8 Data" cells as the arguments for your function.

How much money will you save if you pay off the loan in 15 years instead of 30 years?

Reference the total payment amounts in cells C38 and D38 to calculate the difference?

 

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Task 6-8 Data Loan Amount Interest Rate* Number of Payments Monthly Payment 15 Year Mortgage -$310,000.00 4.50% 180 $0.00 30 Year Mortgage -$310,000.00 4.50% 360 Total Payments (PMT * # of PMTs) 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. $0.00 Task 6-8 Data Loan Amount Interest Rate* Number of Payments Monthly Payment 15 Year Mortgage -$310,000.00 4.50% 180 $0.00 30 Year Mortgage -$310,000.00 4.50% 360 Total Payments (PMT * # of PMTs) 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. $0.00

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SOLUTION To calculate the monthly payment for a 15year mortgage of 310000 at 45 interest we can use the PMT function in Excel PMT4512 1512 310000 This ... View the full answer