20.000$ house please show work

Assume that you will finance 70% of the asking price of

the home. Visit the Bank Of HFC Interest Rate Claim Site

(Also known as the SignUpGenius for project #3) to select

vour fixed

interest rate with zero points and fees. I will only grade your

project if you have claimed an interest rate. Use your valid

email address so that you can receive the confirmation

email

notifying you of your choice.

This time you decide that you have decided that you would

like to pay off the loan faster by paying an extra $350 each

month.

What to do:

1. Using an initial principal of 70% of the purchase price,

the interest rate you selected in the sign-up for project 3,

and as many payments as necessary to make your balance

$0 create

an amortization table for the loan Just like in project three

you will need to have questions 1 and 2 answered before

creating the chart). Label your columns month, payment

(keep in

mind you payment should be an additional $350 each

month), applied to interest, applied to principal, and

remaining principal. You must use a spreadsheet and not a

website.

(Watch the video to get all of the tips and tricks to creating

this excel document)

2. Answer the following five questions. You may word

process your answers or print neatly. The document you

submit must be in PDF format. however. Most word

processors allow you

to save a document in PDF format. Printed answers can be

scanned as a PDF using one of number of different apps.

Directions to using one of them are included in the Week 1

Videos in HFC Online.

1. In 2-3 sentences state the details of the home you have

chosen. Include the address, asking price, and the initial

principal. Provide the work for finding the initial principal of

70% of the asking price.

2. Calculate the monthly payment using the formula

outlined in section 4.2, remember this time you have

decided to pay an additional $350 to pay off the loan faster.

Show your

work.

3. Using your spread sheet determine the total amount paid

for the loan and the amount of interest you would pay for

the loan by paying $350 extra each month.

4. Using your spread sheet determine how many payments

you would need to make in order for your balance to be $0.

How many fewer payments would this be compared to

the number of payments in project 3.

5. Compare your answers in project 3 and project 4 for

question 3. How much do you save by paying $350 more

each month? Explain in 1-2 sentences how you arrived at

your

answer. (If you didn't complete Project #3 you will need to

calculate the need information from the previous project to

be able to compare.)