I\'ve posted this several times with incorrect responses. Please only respond if

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I've posted this several times with incorrect responses. Please only respond if you are sure you are correct.

Loan Amortization Problem assume that your annual salary 60.800 and that the bank vou want to borrow from, has determined that it will lend you, loan amount-your annual salary x 2.5 interest rate = 1.33% Assume that you will borrow for 20 years and you will make monthly payments at the end of each month A) Calculate your monthly payment (Type your calculator inputs, ie. N PV-and so on) PV = Annual Salary = 19 x 32000 = 608000 Loan Amount = 608,000 x 2.5 = 1520000 us= 1.33% n = Number of months in loan = 20 x 12 = 240 Please help me with this section and then with part B,C and D B) Calculate the total interest amount you will pay over the life of the loan C) If you had 20% ofthe amount you could borrow in your savings and you could use it as a down payment (ie. in this case you borrowed only 80% of the original amount) how much lower would have been the total interest you would have paid over the life of the loan (compared to what you found in B)? Assume all other terms of theloan remain the same

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1 Calculation of monthly repayment amount Montly Payment P*(I/(1-((1+I)^-n)) Where P=Amount Borrowed I=Rate of interest n=No of Months 1520000*(.0133/1-((1+.0133)^-240)                                            21,101.488351 Alternatively PMT(.0133,240,1520000,,0)                                            21,101.488351

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