c) Use the Auto Calculator to calculate your monthly payment: _$988__ Note that property tax and homeowners insurance will usually be added to the monthly payment, but we will look at just the payment on the principal for comparison purposes.

d) Using the amortization table from the Auto Calculator, complete the following: Payment # Monthly Payment Principal Paid Interest Paid Total Interest Balance amount from part b here.

f) Use the amortization table in (d) and record how much total interest you paid: ___________

g) Calculate the total paid over the life of the loan (remember your down payment). _______________ Show your work!

h) Name some expenses you can cut in order to save just $25 a month.

i) In the Auto Calculator, enter that you will be adding an extra payment of $25 per month. Then click Show/Recalculate Amortization Table. How many months early will you pay off the mortgage? _______ Use the amortization table on the Auto Calculator site to determine how much total interest you paid: _______________ Calculate the total paid over the life of the loan (remember that you paid $10000 down). _______________ Show your work! How much does paying that extra $25 per month save you over the life of the loan compared to (g)? _______________

j) You realize that you cant afford the down payment and surprisingly find a bank that will allow you to finance the entire cost of the house at the same 4.5% APR. Calculate your new monthly payment using the Auto Calculator: _______________ (Change the auto loan amount and be sure to change the extra payment back to $0. Recalculate the Amortization Table.) Calculate the total paid over the life of the loan: _______________ Show your work! How much more do you pay over the life of the loan by putting nothing down compared to when you put $10000 down in (g)? _______________

k) Explain at least 2 things youve observed from making the above comparisons.