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Pages:
1 page/≈275 words
Sources:
No Sources
Level:
APA
Subject:
Business & Marketing
Type:
Math Problem
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 4.32
Topic:

Fixed and Adjustable Mortgage Rates Calculations (Math Problem Sample)

Instructions:

For this paper, the student was required to calculate the monthly payments, principle, and loan maturity dates for two loans. To find these figures, the student was required to create an excel sheet and write a one-page paper in apa format explaining his calculations and stating the figures they found. The student was also required to indicate the formulas they used in their calculations. No sources were required for this paper.

source..
Content:


Fixed and Adjustable Mortgage Rates Calculations
Student Full Names
Institutional Affiliation
Course Full Title
Instructor Full Names
Due Date
Fixed and Adjustable Mortgage Rates Calculations
The monthly payment for the CPM was $886, calculated using the PMT function on an excel sheet. Further, the principal for the loan was $175,000, while the monthly interest rate was determined to be 0.0025, found by dividing the annual interest rate of 0.045 by 12. Also, the number of payments necessary to clear the loan was determined by finding the product of the entire loan period by 12, which in this case was equal to 360. Moreover, the total payments made were found by multiplying the monthly payments by 360, which yielded $319,211, while the sum of all the monthly interests resulted in $144,211.

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