Final answer:
The provided options do not correctly apply the Excel formula needed for calculating the total mortgage. The proper Excel function to determine the present value of an annuity such as a mortgage is PMT, but none of the listed formulas match the PMT structure with the correct parameters.
Step-by-step explanation:
The correct Excel formula to find the total mortgage for a house with a monthly payment of $755 for 12 years at a 0.95% annual percentage rate (APR) would account for the number of payments made over the entire loan period and the interest rate applied to each payment period. The interest rate should be divided by 12 to get a monthly rate when working with APR. None of the provided options correctly applies the present value of annuity formula, which should be used for this calculation. The proper formula in an Excel format should be:
=PMT(rate, nper, pv, [fv], [type]) where 'rate' is the interest rate per period, 'nper' is the total number of payments, and 'pv' is the present value (the principal amount of the loan).
For this specific question, the 'rate' would be 0.95%/12 per month, 'nper' would be 12*12 (which is the total number of monthly payments), and 'pv' would be the unknown variable which we try to solve. Since the actual Excel formula which calculates the present value was not given amongst the options, we cannot select any of the provided formulas as correct.