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all parts please help A. You are thinking of purchasing a house that costs $415,000. You have $35,000 in cash that you can use as
all parts please help
A. You are thinking of purchasing a house that costs $415,000. You have $35,000 in cash that you can use as a down payment, but you need to borrow the rest of the purchase price. Assume there are no closing costs. The bank is offering a 30-year mortgage that requires monthly payments and has an annual interest rate of 4.15% per year. - What will your monthly payments be if you sign up for this mortgage? - Present the amortization schedule (Beginning balance, Monthly payment, Principal payment, Interest payment, Ending balance) on a monthly basis using Excel. - Calculate the total amount of interest paid throughout the life of the loan (sum up the amounts in the Interest column). - Create a graph depicting the changes in the portions of interest and principal for each monthly payment throughout the life of the loan. B. Suppose you have the option to take out a 15-year mortgage with an annual interest rate of 3.49%. What will the new monthly payment be? Present a new amortization schedule (Beginning balance, Monthly payment, Principal payment, Interest payment, Ending balance) on a new excel worksheet. - Calculate the total amount of interest paid throughout the life of the loan (sum up the amounts in the Interest column). - Create a graph depicting the changes in the portions of interest and principal for each monthly payment throughout the life of the loan Step by Step Solution
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