Monthly Payments Henry Hawkins wants to take advantage of the current real estat

Question

Monthly Payments Henry Hawkins wants to take advantage of the current real estate market and is interested in buying a house. USE THE TEMPLATE to evaluate these scenarios. Turn in your Excel file to the Assignments section of Blackboard. Type your answers in the spaces below and turn in this Excel Problem 2 Word file to the Assi gnments section of Bb (with your Excel file). So there are two files to turn in: this Word file and the Excel file. Here is an example of what it should look like (shaded amounts should be formulas): Item Price Down Payment Loan Amount Interest Rate Years Home Theater $21,350.00 $3.500.00 8.25% Monthly Payment Total Interest Total Cost S437.87 S3,167.68 $24.517.68 1. Input these formulas for the following cells: Formula -B4-B5 -PMT B7/12,B8 12,-B6 Cell B9 B10 Change cells B3, B4, B5, B7, and B8 as indicated below for the different scenarios. Put your answer from cell B9 in the space provided below. 2. Down | Interest | Years Payment Rate Monthly Payment Item Price Henry | House | $250,000 |S25,000| 6% | 30 Sister Car | $30,000 | $2,000 | 9% | 5 so I 18% Brother Television $3,500 12% | Mom Computer $1,500 $O Boat $50,000 | $10,000 | 10% | 15 Dad

Explanation / Answer

Name Item (Cell B3) Price (Cell B4) Down Payment (Cell B5) Interest Rate (Cell B7) Years (Cell B8) Monthly Payment (Cell B9)=PMT(B7/12,B8*12,-B6) B6=(B4-B5) Henry House $250,000 $25,000 6% 30 $1,348.99 225000 Sister Car $30,000 $2,000 9% 5 $581.23 28000 Brother Television $3,500 $0 18% 3 $126.53 3500 Mom Computer $1,500 $0 12% 2 $70.61 1500 Dad Boat $50,000 $10,000 10% 15 $429.84 40000

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