Use excel plz and show working You entered into a mortgage agreement to borrow $100,000 at an interest rate of 3% and to be returned in 30 years. You pay a constant amount at the end of each year, partly to cover the interest and the rest to pay back the principal. a) How much are you paying to the bank each year? b) At the end of 23 years, how much principal do you still owe the bank?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Use excel plz and show working
You entered into a mortgage agreement to borrow $100,000 at an interest rate of 3% and to be returned in 30 years. You pay a constant amount at the end of each year, partly to cover the interest and the rest to pay back the principal.
a) How much are you paying to the bank each year?
b) At the end of 23 years, how much principal do you still owe the bank?
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