Question

Say that you purchase a house for $264,000 by getting a mortgage for $230,000 and paying a down paymegt of $34,000. If you get a 20-year mortgage with an interest rate of 6 percent, what are the monthly payments? (Round your finel answer to 2 decimal places.) Рaуment What would the loan balance be in five years? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.) Loan balance If the house appreciates at 3 percent per year, what will be the value of the house in five years? (Round your final answer to 2 decimal places.) Future value

Answer 1

1.
=230000*(6%/12)/(1-1/(1+6%/12)^(12*20))
=1647.79143

2.
=230000*(1+6%/12)^(12*5)-1647.79/(6%/12)*((1+6%/12)^(12*5)-1)
=195269.18

3.
=264000*1.03^5
=306048.36

P.S.: I am not allowed to answer more than 1 question per post