Please show how to solve this in Excel using Excel formulas and please show the spreadsheet so I can understand better. Suppose Tommy borrows $500,000 at 4% for 15 years and monthly payments. The annual percentage rate (APR) on the loan is 4.5%. What amount of discount points was charged if there was $4,500 origination cost?

Please show how to solve this in Excel using Excel formulas and please show the spreadsheet so I can understand better. Suppose Tommy borrows $500,000 at 4% for 15 years and monthly payments. The annual percentage rate (APR) on the loan is 4.5%. What amount of discount points was charged if there was $4,500 origination cost?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 6FPE

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