A B C D E F G H | J 345678 3 Assignment: In yellow boxes 1,2,3,4,6,7,13 you must have created excel formulas (see cell 15 for example) In yellow boxes 5,8, 10 & 11 just type in numbers or words 1. $160000 house is purchased with 5% down payment. The loan payment is monthly at 6% for 20 years. 7 In Excel: calculate find the present value, i, total number of payments, see below. Mortgage amt PV= Calculate the payment amount 3 different ways, see below 9 2. In excel calculate down payment 10 3.i 11 4. n=# of pmts 12 5. Hand calculate mortgage payment 13 6. calculate payment with Fx (click on FORMULA click on Financial and scroll to PMT) 14 7. calculate payment with excel formula "-G5*(G10/(1-(1+G10)^-G11))" 15 8. Give 4 solutions to reduce monthly payment 16 17 Down Payment= i = n = pmt= pmt= pmt= 1 2 3 18 19 20 9 Use the following web site and input given information. Click box to show amortization table. 21 http://www.bretwhissel.net/cgi-bin/amortize 22 10. From the web site how much total interest is paid: 23 11. From web site what is the remaining principle after the first year of payments? 24 4 25 12. Other closing expenses are: your attorney $500, bank attorney $500, title $600, deposit for taxes $1200, misc $500 26 13. In excel caluclate the amount of money needed at closing (down payment + closing expenses) 27 14. copy and paste the first three pages of the web site amortization table below and save file. =160000-G8 4 2 2 1 1 K L M