PLEASE EXPLAIN HOW TO CREATE THE AMORTIZATION TABLE IN EXCEL! Mini-Project 1: Mortgage Loan Analysis (50...
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) Develop the 2020~2044 amortization table for your mortgage loan.
(A) When you prepare your 2020 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?
Homework Answers
- Price of the home is 385000
- Down payment = 20%
- Loan amount = 80%
- Loan amount = 0.80 x 385000 = 308000
We are given the following information:
| r | 3.00% |
| n | 25 |
| frequency | 12 |
| PV | $ 3,08,000.00 |
We need to solve the following equation to arrive at the required PMT
So the monthly payment = 1460.57
Following is the amortization schedule:
Opening balance = previous year's closing balance
Closing balance = Opening balance+Loan-Principal repayment
PMT is calculated as per the above formula
Interest = 0.03 /12 x opening balance
Principal repayment = PMT - Interest
Total interest on the loan is $1,30,171.25
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PLEASE EXPLAIN HOW TO CREATE THE AMORTIZATION TABLE IN
EXCEL!
Mini-Project 1: Mortgage Loan Analysis
(50...
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