Calculate the loan amount given payment

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Reference no: EM131564186

Mortgage Analysis

You must use the FINANCIAL FUNCTIONS in EXCEL to calculate your answers. ?

You are planning to purchase a house that costs $480,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 3.99% on a 30-year mortgage.

2. Use function “PV” to calculate the loan amount given a payment of $1500 per month. What is the most that you can borrow?

3. Use function “RATE” to calculate the interest rate given a payment of $1500 and a loan amount of $400,000.

4. For each scenario, calculate the total interest that you will have paid once the mortgage is paid off. (There is not a function for this, enter the formula into the cell.)

Reference no: EM131564186

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