2.
PLEASE, PERFORM THE EXERCISE IN EXCEL AND SHOW THE FORMULAS
Enrique Perez bought a house whose value is $1'900,000 cash. He paid $400,000 cash and the rest in 8 equal quarterly payments. If he is charged 10½ % nominal interest on the transaction,
a) find the value of each of the quarterly payments
b) find the total amount paid.
c) Find the total amount of interest paid.
d) Find the effective rate.
Note:
In the image, this is the original exercise, it is in Spanish, but it is easy to understand.
Very important Note:
It is necessary that you make a solution approach and then the result. Above all, to check the procedure and/or the formulas used, especially when you use excel.
Extracted text: Enrique Pérez compró una casa cuyo valor es de $1'900,000 de contado. Pagó $400,000 al contado y el resto en 8 pagos iguales trimestrales. Si en la operación se le carga el 10½ % de interés nominal, a) hallar el valor de cada uno de los pagos trimestrales b) hallar el monto total pagado. c) Hallar el monto total de los intereses pagados. d) Hallar la tasa efectiva.