This is for a real estate principles course, mortgage math on excel.
Directions: Using excel, create a mortgage math calculator. Put your inputs at the top & set up the spreadsheet so that you can change the inputs (loan amount, interest rate, & loan term) & your outputs will show the correct answers without modifying any formulas. You can assume that payments will always be on a monthly basis.
Turn in printouts of:
1. the inputs & outputs
2. formulas
Inputs
Purchase Price $400,000
Percent Down 20%
Discount Points 1
Term 30 yrs
Rate 6%
Loan Amt $320,000
Holding Period 5 yrs
Outputs
Payment $1,918.56
Balance $297,773.94
Effective Interest Rate 6.24%
Above are the inputs & outputs...got to figure out how (formulas) I got the outputs from the inputs.
Thank you for any help!
Directions: Using excel, create a mortgage math calculator. Put your inputs at the top & set up the spreadsheet so that you can change the inputs (loan amount, interest rate, & loan term) & your outputs will show the correct answers without modifying any formulas. You can assume that payments will always be on a monthly basis.
Turn in printouts of:
1. the inputs & outputs
2. formulas
Inputs
Purchase Price $400,000
Percent Down 20%
Discount Points 1
Term 30 yrs
Rate 6%
Loan Amt $320,000
Holding Period 5 yrs
Outputs
Payment $1,918.56
Balance $297,773.94
Effective Interest Rate 6.24%
Above are the inputs & outputs...got to figure out how (formulas) I got the outputs from the inputs.
Thank you for any help!