00:01
I have to find the amount you would pay for a 25 year loan that has apr of 16 .5 and total value of $16 ,500.
00:10
So for the excel, you should have this pattern.
00:16
So you will have to use the function pmt.
00:21
So the pmt basically is the monthly payment for a loan.
00:26
It should have a pattern of first of all the interest rate, then you'll have number of periods, and the third one is going to be the present value or loan amount pv.
00:50
All you have to do is just fill in the three values into this formula.
00:56
So first of all, what is rate? so the rate is the annual rate apr divided by month because you have 12 months out of the year.
01:10
And then this is a monthly compound loan.
01:13
So the rate is going to be 0 .162.
01:22
This is 16 .2 % divided by 12...