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According to Realtor.com, the current median sell price for a home in Min- neapolis is about $325,000. a) (4 points, In Excel) According to Google,

According to Realtor.com, the current median sell price for a home in Min- neapolis is about $325,000. a) (4 points, In Excel) According to Google, the current average annual rate in Minnesota for a loan of roughly this size with a 30 year term and an excellent credit score is 7.8%. Build an amortization table for the full 30 year term of the mortgage with monthly payment as determined in part a). b) (2 points) How many months until someones monthly payment with this mortgage pays more per month towards the principal than they do towards the interest? c) (3 points) What percentage of the total money paid over the life of the mortgage was paid towards interest? d) The 28% Rule states that you should spend no more than 28% of your (pre-tax) household income on a mortgage. What is the minimum yearly household income (again, pre-tax) required to satisfy this rule and afford the mortgage from part a)? Include both the yearly income and the calculation you used to find this.

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