AutoSava OFF OF A US A. MAT104 Project 1aS2021 (4) - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Comments Share 0, X Calibri v 12 v AA Aav 21 Aabber ABCcDc AaBbcco ABECEDE AaBb kasb edete Paste B BI U X X X y Normal Ne Sparing Hercing? Parlig Title Subtitle Dictate Styles Pare Sensitivity PROBLEM: You found a home to purchase for $900,000. You plan to take a morteage. 1. Down Payment: You must give a 15% down payment. Determine the amount of your down payment and balance to finance. Must show your work. II. 30-Year Mortgage: Calculate your monthly payment for a 30-year loan (round up to the nearest cents). For the 30-year loan, use an annual interest rate of 4.5%. Must show your work. Nate that this monthly payment covers only interest and principle an the loan. It does not include insurance, property taxes, etc. III. Amortization Schedule. Create an amortization schedule excel spread sheet showing all 360-month mortgage payments. Attach the schedule to your paper. The amortization schedule must include the following key columns (and calculations): payment number, Mortgage payment, Principle (associated with that payment), Interest fassaciated with that payment). unpaid balance. Also include a totals row. Excel has functions for this called PMT, IMT and PPMT to help you with these calculations. + Payment Mortgage Principal Interest Unpaid Number Payment Balance 7 1 $ $ $ $ 2 $ S $ $ $ 5 $ s Is ? 360 $ $ $ $ Tatals 10 IV. Find the number of first payment where more of the payment goes toward principle than interest? Must show your work V. Since mortgage payments are for principal and interest only you also have monthly payments for home insurance and property taxes. As a wise homeowner, you decide that you monthly principal and interest payment should not exceed 35% of your monthly take-home pay. What minimum monthly take home pay should you have to meet this gaal? Show your calculations. VI. It is also important to note that your net or take home pay after taxes) is less than your grass pay (before taxes). Assuming that your net pay is 63% of your gross pay, what minimum Page 2 of 3 654 wards CX English (United States Focus E + 10% AutoSava OFF OF A US A. MAT104 Project 1aS2021 (4) - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Comments Share 0, X Calibri v 12 v AA Aa E 21 Aabber ABCcDc AaBbcco ABECEDE AaBb kasb edete Paste B BI Nummi y * X | == Av Hacing Y Title Ne Spain ev Heating Subtitle Y Dictate Styles Pare Sensitivity gross annual salary will you need to make to have the monthly new salary stated above? Must show your work VII. Selling the House. After living in the house for 10.5 years you want to sell. The value of the real estate increased over time. Ta calculate the value of an investment such as real estate we use continuous compound interest. Find the value of the home 10.5 years after purchase assuming a continuous interest rate of 3.75%. Use the full purchase price as the principal. Must show your work VIII. Suppose you want to pay off your morteage after your 120 payment. What amount would you have to pay the bank to close the morteage (this is sometimes called your payoff amount)? IX. As an aside research, your look at an alternative option:suppose with each mortgage payment you included an extra $1000 that would only be directed toward principal. After haw many payments (monthly mortgage + $1000 extra applied towards principal would the loan be paid off? How much interest would be saved with this alternative option vs the option to pay just the monthly mortgage amount? X Suppose you live in the home for the next 35 years. How much money did you pay the bank over the course of the loan? How much of the total was interest? Page 3 of 3 654 wards CX English (United States Focus E + 10% AutoSava OFF OF A US A. MAT104 Project 1aS2021 (4) - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Comments Share 0, X Calibri v 12 v AA Aav 21 Aabber ABCcDc AaBbcco ABECEDE AaBb kasb edete Paste B BI U X X X y Normal Ne Sparing Hercing? Parlig Title Subtitle Dictate Styles Pare Sensitivity PROBLEM: You found a home to purchase for $900,000. You plan to take a morteage. 1. Down Payment: You must give a 15% down payment. Determine the amount of your down payment and balance to finance. Must show your work. II. 30-Year Mortgage: Calculate your monthly payment for a 30-year loan (round up to the nearest cents). For the 30-year loan, use an annual interest rate of 4.5%. Must show your work. Nate that this monthly payment covers only interest and principle an the loan. It does not include insurance, property taxes, etc. III. Amortization Schedule. Create an amortization schedule excel spread sheet showing all 360-month mortgage payments. Attach the schedule to your paper. The amortization schedule must include the following key columns (and calculations): payment number, Mortgage payment, Principle (associated with that payment), Interest fassaciated with that payment). unpaid balance. Also include a totals row. Excel has functions for this called PMT, IMT and PPMT to help you with these calculations. + Payment Mortgage Principal Interest Unpaid Number Payment Balance 7 1 $ $ $ $ 2 $ S $ $ $ 5 $ s Is ? 360 $ $ $ $ Tatals 10 IV. Find the number of first payment where more of the payment goes toward principle than interest? Must show your work V. Since mortgage payments are for principal and interest only you also have monthly payments for home insurance and property taxes. As a wise homeowner, you decide that you monthly principal and interest payment should not exceed 35% of your monthly take-home pay. What minimum monthly take home pay should you have to meet this gaal? Show your calculations. VI. It is also important to note that your net or take home pay after taxes) is less than your grass pay (before taxes). Assuming that your net pay is 63% of your gross pay, what minimum Page 2 of 3 654 wards CX English (United States Focus E + 10% AutoSava OFF OF A US A. MAT104 Project 1aS2021 (4) - Saved to my Mac Q Home Insert Draw Design Layout References Mailings Review View Tell me Comments Share 0, X Calibri v 12 v AA Aa E 21 Aabber ABCcDc AaBbcco ABECEDE AaBb kasb edete Paste B BI Nummi y * X | == Av Hacing Y Title Ne Spain ev Heating Subtitle Y Dictate Styles Pare Sensitivity gross annual salary will you need to make to have the monthly new salary stated above? Must show your work VII. Selling the House. After living in the house for 10.5 years you want to sell. The value of the real estate increased over time. Ta calculate the value of an investment such as real estate we use continuous compound interest. Find the value of the home 10.5 years after purchase assuming a continuous interest rate of 3.75%. Use the full purchase price as the principal. Must show your work VIII. Suppose you want to pay off your morteage after your 120 payment. What amount would you have to pay the bank to close the morteage (this is sometimes called your payoff amount)? IX. As an aside research, your look at an alternative option:suppose with each mortgage payment you included an extra $1000 that would only be directed toward principal. After haw many payments (monthly mortgage + $1000 extra applied towards principal would the loan be paid off? How much interest would be saved with this alternative option vs the option to pay just the monthly mortgage amount? X Suppose you live in the home for the next 35 years. How much money did you pay the bank over the course of the loan? How much of the total was interest? Page 3 of 3 654 wards CX English (United States Focus E + 10%