REM 300 Final: Mortgage Balance Practice Questions
4 Oct 2021
School
Department
Course
Professor
Document Summary
To answer the practice questions, open up the excel file titled mortgage balance excel. For each question input values into the specified cells. The answer to each question can be found in the g column under the headline balance" once you have inputted the values. The mortgage balance questions on quiz 6 will be worded similarly and have the same format as the practice questions. The mortgage balance after 12 months will be the balance after payment number 12 as payments are made every month. Cells d2 to d9 and is found in cell g28. Nominal interest rate r = 12% (cell d3) Number of payments per year, k = 12 (cell d4) because payments are made monthly. Number of payment periods = 300 (cell d8) because there are 12 monthly payments per year for 25 years = 25*12 = 300.
