Identify the correct formula to calculate the cumulative interest paid on a mortgage loan for the second year of the loan (periods 13-24, where rate =9%, nper= 5, present value = $250,000
A) =CUMIPMT(.09/12, 5*12, 250000,13,24,0)
B) =CUMIPMT(.09/12, 5*12, 250000,24,13,0)
C) =CUMIPMT(.09*12, 30/12,-250000,13,24,0)
D) =CUMIPMT(.09/12, 30/12,-250000,24,13,0)
Answer: A
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