Identify the Correct Formula to Calculate the Cumulative Interest Paid

question 59

Multiple Choice

Identify the correct formula to calculate the cumulative interest paid on a mortgage loan for the second year of the loan (periods 13-24,where rate =9%,nper= 5,present value = $250,000.

• A)=CUMIPMT(.09/12, 5*12, 250000,13,24,0)
• B)=CUMIPMT(.09/12, 5*12, 250000,24,13,0)
• C)=CUMIPMT(.09*12, 30/12,-250000,13,24,0)
• D)=CUMIPMT(.09/12, 30/12,-250000,24,13,0)

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