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What is the monthly payment for a $800,000 mortgage for the first 119 payments that is...

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Finance

What is the monthly payment for a $800,000 mortgage for thefirst 119 payments that is due in 10 years, has a 25 yearamortization, at 5% interest? What is the amount of the 120thpayment?

Please use Excel and explain. Make sure that formulas are set toshow in excel sheet.

Answer & Explanation Solved by verified expert
4.4 Ratings (1030 Votes)
Mortgage Amount 800000 Interest Rate 5 per annum or 512 04167 per month Amortization Tenure 25 years or 25 x 12 300 months Repayment Tenure 10 years or 12 x 10 120    See Answer
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What is the monthly payment for a $800,000 mortgage for thefirst 119 payments that is due in 10 years, has a 25 yearamortization, at 5% interest? What is the amount of the 120thpayment?Please use Excel and explain. Make sure that formulas are set toshow in excel sheet.

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