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can someone please help me answer these questions using this spreadsheet? :( Mortgage assignment Home mortgage loans are a financial tool used to make a
can someone please help me answer these questions using this spreadsheet? :(
Mortgage assignment Home mortgage loans are a financial tool used to make a profit for the lending institution at a monthly cost for the buyer/owner. In this assignment, you will find and select a home/real property to finance through a lending institution, either from the internet or from a local realtor, then calculate costs for various scenarios. Download the spreadsheet provided and do the following: 1. Record the principle, interest rate, and term of the loan. We are using the monthly payment method so there are twelve (12) interest periods in a year. 2. Using the spreadsheet provided, calculate your monthly payment(MP) from the given data in item 1 above. 3. Assume you pay an extra $200 a month(B7), how long will it take to pay off the home loan(D11)? 4. From your result in part 3, how much money is saved over the term of the loan(D14)? Compute time to pay foan Compute MP for loan MP (monthly payment) 805.23243 Principal (amount financed) Interest rate (as decimal) time (months) MP (monthly payment) 150000 0.05 360 806 time to pay (months) time to pay (years) 359,2070865 29.9339238 Step by Step Solution
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