Due in 1 hour 30 minutes. Copy the answers from the pics and type them in Excel

Question 1

30 year loan with monthly installament:

formula for monthly installment:

A = P x r(1+r)^n/((1+r)^n-1)

Here P = 35,000,000

r = 6.1/(12 x 100) = 0.005083

n=30*12=360 month

Therefore A = 35,000,000 x 0.005083 x 1.005083^360/(1.005083^360-1)

Or, A= 35,000,000 x 0.005083 x 6.204315/5.204315

or, A= 35,000,000 x 0.031537/5.204315

Hence, A =212,089.13

Answer: $212,089.13

20 year loan with monthly installament:

formula for monthly installment:

A = P x r(1+r)^n/((1+r)^n-1)

Here P = 35,000,000

r = 6.1/(12 x 100) = 0.005083

n=20*12=240 month

Therefore A = 35,000,000 x 0.005083 x 1.005083^240/(1.005083^240-1)

Or, A= 35,000,000 x 0.005083 x 3.376467/2.376467

or, A= 35,000,000 x 0.017163/2.376467

Hence, A =252,766.11

Answer: $252,766.11

Question 2