You Wish to Purchase a Condo at a Cost of $175,000

Multiple Choice

You wish to purchase a condo at a cost of $175,000. You are able to make a down payment of $35,000 and will borrow $140,000 for 30 years at an interest rate of 7.25%. How much is your monthly payment? To solve this problems with an EXCEL spreadsheet, you would enter

A) =PMT(7.25/12,360,140000,0,1) .
B) =PMT(.0725/12,360,140000,0,1) .
C) =PMT(7.25,30,140000,0,1) /12.
D) =PMT(.0725/12,360,175000,0,1) .