ACTSC231 ASSIGNMENT 6 PART 2, DUE MONDAY, AUG 2
Instructions
:
You need to submit one Excel file that contains all your answers in
the Drop Box on the UWACE web site by the end of Monday Aug 2. You can use a
different sheet within your Excel file for each subquestion; name the sheet according to
the subquestion(s) it refers to (e.g., 1b, 2bc, etc). when asked to provide an amortization
schedule, this should include: time t, payment at time t, interest paid at time t, principal
paid amount at time t, outstanding balance at time t.
If the question also asks for a
specific answer, indicate your answer near the top of your sheet and highlight it so that
is easy to see.
Note: all amounts should be rounded to the nearest cent.
Hence it is
possible that your last payment will have to be adjusted (increased or decreased) to take
into account rounding errors.
[20 points]
Anne wants to buy a house selling at $500,000. She can afford to make
a down payment of $90,000.
She wants to take out a 25year mortgage with monthly
(end of the month) payments based on a nominal rate of 4.5% compounded monthly.
This is the end of the preview.
Sign up
to
access the rest of the document.
 Spring '10
 ZHOU
 Math, Payment

Click to edit the document details