Hi Guys!
New to the forum.
I am currently completing a maths assignment which requires us to investigate the best way to pay off a home loan.
Basically, the guy has 22 years remaining on his home loan and is required to make monthly payments @5.37% Interest P.A
I am able to calculate (using graphics calculator), that he is required to pay $1872 per month
The assignment requires me to prove this using excel, yet i can only get my formula to take into account the interest compounding monthly which comes to $1893 (which is incorrect)

Is there a way in which i can calculate the required monthly payments if it only compounds annually?
Any help would be much appreciated
New to the forum.
I am currently completing a maths assignment which requires us to investigate the best way to pay off a home loan.
Basically, the guy has 22 years remaining on his home loan and is required to make monthly payments @5.37% Interest P.A
I am able to calculate (using graphics calculator), that he is required to pay $1872 per month
The assignment requires me to prove this using excel, yet i can only get my formula to take into account the interest compounding monthly which comes to $1893 (which is incorrect)


Is there a way in which i can calculate the required monthly payments if it only compounds annually?
Any help would be much appreciated
