You plan to buy a house in December 2019. The sale price is $385,000. You need to pay 20% down payments and borrow an additional 80% from Bank of America with a 25-year, 3.0% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from January 2020 for a total of 25 years.
(1) Calculate your expected monthly mortgage payment.
(2) Develop the 2020~2044 amortization table for your mortgage loan.
(1) When you prepare your 2020 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?
1.
1460.57
2.
3.
9125.10
You plan to buy a house in December 2019. The sale price is $385,000. You need...
PLEASE EXPLAIN HOW TO CREATE THE AMORTIZATION TABLE IN EXCEL! Mini-Project 1: Mortgage Loan Analysis (50 points): You plan to buy a house in December 2019. The sale price is $385,000. You need to pay 20% down payments and borrow additional 80% from Bank of America with a 25-year, 3.0% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from January 2020 for a total of 25 years. (1) Calculate your expected monthly mortgage payment. (2)...
show all work please and explanations 3. You need to work on the mini-projects in Excel. Your final mini-project report should be well- organized and typed in a Word file. Are required to submit both your Word report and Excel files to the instructor using the mini-project submission tool in Blackboard. The style and organization of the project accounts for 10 points. 4. You are required to work on the work independently. The due date for the project is 11:59pm...
please show work. Thank you 3. You need to work on the mini-projects in Excel. Your final mini-project report should be well- organized and typed in a Word file. Are required to submit both your Word report and Excel files to the instructor using the mini-project submission tool in Blackboard. The style and organization of the project accounts for 10 points. 4. You are required to work on the work independently. The due date for the project is 11:59pm on...
17. You borrow $196,000 to buy a house. The annual mortgage rate is 5% and the loan period is 25 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much payment will you pay each month?
You are buying a house priced at $354,125. You plan to pay 20% of the price for down payment and finance the rest. The mortgage loan you need to borrow lasts 30 years and requires 4.25% interest rate per annum. What is your payment EACH MONTH for the mortgage loan? please show all work
You want to buy a house that costs $280,000. You will make a down payment equal to 15 percent of the price of the house and finance the remainder with a loan that has an interest rate of 5.47 percent compounded monthly. If the loan is for 25 years, what are your monthly mortgage payments?
You want to buy a house and will need to borrow $235,000. The interest rate on your loan is 5.65 percent compounded monthly and the loan is for 20 years. What are your monthly mortgage payments?
Mortgage Analysis Part I You are planning to purchase a house that costs $480,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 3.99% on a 30-year mortgage. Use the function “PMT” to calculate your mortgage payment. Calculate the total cost of the home purchase. (Down payment plus principal (loan amount) plus interest.) Calculate how much interest you will pay in total? Assume that you plan to pay...
You borrow $350,000 to buy a house. The mortgage rate is 4.2 percent and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay? A. $277,086.67 B. $313,727.06 C. $382,512.65 D. $266,161.60
You are planning to purchase a house that costs $480,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 3.99% on a 30-year mortgage. Use function “PMT” to calculate your mortgage payment. Use function “PV” to calculate the loan amount given a payment of $1700 per month. What is the most that you can borrow? Use function “RATE” to calculate the interest rate given a payment of $1700...