1) You will find a home for sale in the Metropolitan Detroit area that you would like to buy You can be realistic or make an aspirational choice, the cost must be at least $20,000 and no more than $250,000. (you may use Zillow.com or any other site) 2) Record the asking price of the home, and show me picture of home. 3) Record where you found the house for sale in the citations, If it is on the MLS system, then record the MLSumber Note: Typically, when buying a house there is some negotiation involved. There we also fees to make sure the property is actually owned by the seller, fees to the company louing the mortgage, foes to an appraiser, foes to the county and so on For the purpose of this project we will assume that the seller has agreed to pick up the fees and that you agree to pay the asking price. 4) Anume that you will finance 80% of the making price of the home. Find a bank that is offering both 30-year theed rate louns und 15-year fixed rate loans with points. (you may use bankruto.com) (NO NEED TO ENTER PERSONAL INFO) 5) Record the ratet 6) Record whicre you found the rates and the date on which you found them in your citations 7) Asume that it took you 10 years to save your down payment on the home. Note that you are financing 80% of the king price of the home to you saved 20% of the king price of the home for the down payment. Find a bank that offers a competitive savings nocount. 8) Record the APR. If the bank only displays the APY you may do a web search for "APY to APR calculator that will compute the APR for you Record where you found the APR and the date on which you found it in your citations 10) If you utilized in APR calculator, record where you found the calculator in your citation. 1) Make sure you include EVERYTHING is the following "Work to include sections below for Part 1 Part 2, and Part 3 Work to includet Atwwer All of the following (encept the bles) in perpup with complemen PARTE Saving for the Down Payment of the purchase price as the down payment, how much the down payment for the home you have the include your equation with your need Wabak did you choose What did it report this in APROAPY TrAPY what website you to convert the APY 1 an APR? What is the APLE Us your day the 10 years the time you to reach your APR then that your computere monthly depth were made into the savings account each month to reach the goal of 20% of the purchase price for the down payment. Include your equation with your final answer in a sentence. PART II: 30-year Loan 1) Using an initial principal of 80% of the purchase price, a 30-year term, and the interest rate you found for a 30-year loan create an amortization table for the loan. Label your columns: Payment number (month), Payment, Applied to interest, Applied to balance owed, and Outstanding balance. You must use a spreadsheet and not a website. You can, of course, check your work on a lender's website. 2) How much total interest would you pay for the loan? 3) What percent of your total payments would go to interest? PART III: 15-year Loan 1) Using an initial principal of 80% of the purchase price, a 15-year term, and the interest rate you found for a 15-year loan create an amortization table for the loan. Label your columns: Payment number (month), Payment, Applied to interest, Applied to balance owed, and Outstanding balance. You must use a spreadsheet and not a website. You can, of course, check your work on a lender's website. 2) How much total interest would you pay for the loan? 3) What percent of your total payments would go to interest? CRITICAL THINKING 1) Compare the 30-year loan and the 15-year loan (Part II & Part III). How much less interest would you pay for the 15-year loan than you would for the 30-year loan? 2) Did anything surprise you about Part II # 3 and the comparison above? Explain why or why not 3) Did anything surprise you about Part III # 3 and the comparison above? Explain why or why not. 1) You will find a home for sale in the Metropolitan Detroit area that you would like to buy You can be realistic or make an aspirational choice, the cost must be at least $20,000 and no more than $250,000. (you may use Zillow.com or any other site) 2) Record the asking price of the home, and show me picture of home. 3) Record where you found the house for sale in the citations, If it is on the MLS system, then record the MLSumber Note: Typically, when buying a house there is some negotiation involved. There we also fees to make sure the property is actually owned by the seller, fees to the company louing the mortgage, foes to an appraiser, foes to the county and so on For the purpose of this project we will assume that the seller has agreed to pick up the fees and that you agree to pay the asking price. 4) Anume that you will finance 80% of the making price of the home. Find a bank that is offering both 30-year theed rate louns und 15-year fixed rate loans with points. (you may use bankruto.com) (NO NEED TO ENTER PERSONAL INFO) 5) Record the ratet 6) Record whicre you found the rates and the date on which you found them in your citations 7) Asume that it took you 10 years to save your down payment on the home. Note that you are financing 80% of the king price of the home to you saved 20% of the king price of the home for the down payment. Find a bank that offers a competitive savings nocount. 8) Record the APR. If the bank only displays the APY you may do a web search for "APY to APR calculator that will compute the APR for you Record where you found the APR and the date on which you found it in your citations 10) If you utilized in APR calculator, record where you found the calculator in your citation. 1) Make sure you include EVERYTHING is the following "Work to include sections below for Part 1 Part 2, and Part 3 Work to includet Atwwer All of the following (encept the bles) in perpup with complemen PARTE Saving for the Down Payment of the purchase price as the down payment, how much the down payment for the home you have the include your equation with your need Wabak did you choose What did it report this in APROAPY TrAPY what website you to convert the APY 1 an APR? What is the APLE Us your day the 10 years the time you to reach your APR then that your computere monthly depth were made into the savings account each month to reach the goal of 20% of the purchase price for the down payment. Include your equation with your final answer in a sentence. PART II: 30-year Loan 1) Using an initial principal of 80% of the purchase price, a 30-year term, and the interest rate you found for a 30-year loan create an amortization table for the loan. Label your columns: Payment number (month), Payment, Applied to interest, Applied to balance owed, and Outstanding balance. You must use a spreadsheet and not a website. You can, of course, check your work on a lender's website. 2) How much total interest would you pay for the loan? 3) What percent of your total payments would go to interest? PART III: 15-year Loan 1) Using an initial principal of 80% of the purchase price, a 15-year term, and the interest rate you found for a 15-year loan create an amortization table for the loan. Label your columns: Payment number (month), Payment, Applied to interest, Applied to balance owed, and Outstanding balance. You must use a spreadsheet and not a website. You can, of course, check your work on a lender's website. 2) How much total interest would you pay for the loan? 3) What percent of your total payments would go to interest? CRITICAL THINKING 1) Compare the 30-year loan and the 15-year loan (Part II & Part III). How much less interest would you pay for the 15-year loan than you would for the 30-year loan? 2) Did anything surprise you about Part II # 3 and the comparison above? Explain why or why not 3) Did anything surprise you about Part III # 3 and the comparison above? Explain why or why not