Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 The area of the house that you are buying (I will google the price) 2 Type of the house and why you have selected

image text in transcribed

1 The area of the house that you are buying (I will google the price)
2 Type of the house and why you have selected it
3 Price of the house with details of discount etc
3 Down payment
4 Loan amount
5 Bank profit rate or financing rate - provide proof and reason for selecting this bank.
6 Instalment (must not exceed 1/3 of your salary)
7 State your expected salary
8 Ending Balance should be close to 0 figure.
9 Calculate total repayment, total profit to the bank
10 Your thought on your future mortgage or current mortgage.
Mortgage Price 300000 Down Payment 100000 n 180 Loan 200000 PV monthly instala 1764.22 i 6.6995 0.558291667 payment to bank Beginning Balance Instalment Principal repayment Interest/profit Ending Balance TIME 0 200,000 0 0.005582917 Year 1 1 200000.0000 1764.2240 647.6406 1116.5834 199352.3594 199352.3594 1764.2240 651.2563 1112.9677 198701.1031 N 3 3 198701.1031 1764.2240 654.8922 1109.3318 198046.2108 4 198046.2108 1764.2240 658.5484 1105.6756 197387.6624 5 197387.6624 1764.2240 662.2251 1101.9989 196725.4373 5 6 6 196725.4373 1764.2240 665.9222 1098.3018 196059.5151 7 196059.5151 1764.2240 669.6400 1094.5840 195389.8751 8 195389.8751 1764.2240 673.3785 1090.8455 194716.4966 9 194716.4966 1764.2240 677.1380 1087.0860 194039.3586 10 194039.3586 1764.2240 680.9184 1083.3056 193358.4403 11 193358.4403 1764.2240 684.7199 1079.5041 192673.7204 12 192673.7204 1764.2240 688.5426 1075.6814 191985.1778 Mortgage Price 300000 Down Payment 100000 n 180 Loan 200000 PV monthly instala 1764.22 i 6.6995 0.558291667 payment to bank Beginning Balance Instalment Principal repayment Interest/profit Ending Balance TIME 0 200,000 0 0.005582917 Year 1 1 200000.0000 1764.2240 647.6406 1116.5834 199352.3594 199352.3594 1764.2240 651.2563 1112.9677 198701.1031 N 3 3 198701.1031 1764.2240 654.8922 1109.3318 198046.2108 4 198046.2108 1764.2240 658.5484 1105.6756 197387.6624 5 197387.6624 1764.2240 662.2251 1101.9989 196725.4373 5 6 6 196725.4373 1764.2240 665.9222 1098.3018 196059.5151 7 196059.5151 1764.2240 669.6400 1094.5840 195389.8751 8 195389.8751 1764.2240 673.3785 1090.8455 194716.4966 9 194716.4966 1764.2240 677.1380 1087.0860 194039.3586 10 194039.3586 1764.2240 680.9184 1083.3056 193358.4403 11 193358.4403 1764.2240 684.7199 1079.5041 192673.7204 12 192673.7204 1764.2240 688.5426 1075.6814 191985.1778

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions

Question

What are the major methods of developing an advertising budget?

Answered: 1 week ago