slove qustion number 3 Part 1: Complete the following showing your set-ups. All

Question

slove qustion number 3

Part 1: Complete the following showing your set-ups. All your comparisons will be made to this first home. 1. $220,000 with a 20 % down and with an You are making all comparisons to this home, buying price interest rate of 6.5%. a) Find the mortgage amount a. 2 points b) Find the monthly payment if the term b is 30 years. (Show the set-up) You will be comparing problems 2 and 3 to this and using this for your amortization. 4 points c) Find the monthly payment if the te is 15 years. 4 points d) Find the total interest on the 30-yea d loan. 2 points

Explanation / Answer

part c a) Buying price $220,000.00 Less: 30% Down Payment $66,000.00 Mortgage amount $154,000.00 b) Loan (PV) $154,000.00 Period = 30 x 12 360 Rate = 6.5%/12 0.54% Monthly payment = PMT(rate,period,-PV) $973.38 c) Total Interest = ($973.38 x 360) - $154,000 $196,418.51 d) Total Savings = $224,478.30 - $196,418.51 $28,059.79

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