Calculate the Payment for the following Loan Loan Amount (Principal) $150,000 An

Question

Calculate the Payment for the following Loan Loan Amount (Principal) $150,000 Annual Percentage Rate (APR) 4.0% Payment Frequency (P / Yr) 12 Length of Loan in Years 30 I have tried in excel, But I keep messing up the formula to get the monthly payment. How do I do the formula? Periods (N) = (P / Yr) x Years 360 Interest = APR / (P / Yr) 0.33% Loan Amount (Present Value: PV) $150,000 Payment (PMT) End Balance: (Future Value: FV) Calculate the Payment for the following Loan Loan Amount (Principal) $150,000 Annual Percentage Rate (APR) 4.0% Payment Frequency (P / Yr) 12 Length of Loan in Years 30 I have tried in excel, But I keep messing up the formula to get the monthly payment. How do I do the formula? Periods (N) = (P / Yr) x Years 360 Interest = APR / (P / Yr) 0.33% Loan Amount (Present Value: PV) $150,000 Payment (PMT) End Balance: (Future Value: FV)

Explanation / Answer

= PMT (rate, nper, pv, [fv])

where rate = .33%

nper = 360

pv = -$150000

fv = 0

pmt = $712.67

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