You borrow $250,000 to buy a house; if the annual interest rate is 22.5% and the term of the loan is twenty years, what is the annual payment required to retire the mortgage loan?
Please provide response in Excel.© BrainMass Inc. brainmass.com June 3, 2020, 6:19 pm ad1c9bdddf
We need to calculate PVIFA
PVIFA= Present Value Interest Factor for an Annuity
It can be read ...
The annuity (annual payment) required to retire the mortgage loan is calculated.