Reference no: EM132998701
Need assistance with the formula for the amortization table spreadsheet for the mortgage. Your company has an outstanding mortgage on a building on which it originally borrowed $140,000 for an 8-year mortgage at a 10.75% annual rate of interest. The mortgage is paid quarterly.
What is the quarterly mortgage payment on the property?
Quarterly mortgage payment on the property
Given loan amount, PV = $140,000 => 140,000.00
Nper= 8*4 = 32 Payments => 32
Annual Rate (rate) = 10.75% 10.75%
Quarterly interest rate = (10.75%/4) = 2.6875% => 4
Quarterly payment = PMT(rate,nper,pv) => $6,577.73
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