1. Assume you will finance the cost of the total investment $350,000 and present the following scenarios: Please show the work

• Assume a 5-year loan period at 5% interest rate per year and provide the following:
  • Amount borrowed
  • Monthly payment
  • Total interest cost for the life of the loan
  • Total of payments for the life of the loan (not number of payments)
• Assume a 10-year loan period at 6% interest rate per year and provide the following:
  • Amount borrowed
  • Monthly payment
  • Total interest cost for the life of the loan
  • Total of payments for the life of the loan (not number

Note: You can use online calculators for the bulk of the math above. There is a good set of online financial calculators at http://tcalc.timevalue.com (Links to an external site.). Please use the fixed rate mortgage option (Links to an external site.)and assume Home Price is the total or average investment and the Down Payment is 0% or $0.