What is the annual mortgage payment

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Reference no: EM131863944

XYZ bank has offered you a $1,000,000 5-year loan at an interest rate of 12%, requiring equal annual end-of-year payments that include both principal and interest on the unpaid balance.

You can include your excel formula details to get partial credit if case of a mistake.

a. What is the annual mortgage payment?

b. What is the total interest payment from year 1-5.

annual mortgage payment =

total interest payment =

Reference no: EM131863944

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