You Need to Borrow $80,000 for a Down-Payment on a House

question 5

Short Answer

You need to borrow $80,000 for a down-payment on a house. You would like to pay the loan off in 15 years. With 9% interest on the loan, what will be your monthly payment?

---

Definitions:

Power Pivot

An Excel feature that allows users to perform powerful data analysis and create sophisticated data models.

Add to Data Model

The action of incorporating data into a structured format suitable for analysis, often used in database management and analytics software.

Power Pivot Tab

A feature in Microsoft Excel that allows users to perform powerful data analysis and create sophisticated data models within their spreadsheets.

NPER Function

A financial function in spreadsheet software that calculates the number of periods for an investment based on constant, periodic payments and a constant interest rate.