Down payment required: $10\%$ Annual insurance: $1,800$ number of closing points: $1$ Amual escrow taxes:$2,500$ Mortgage time frame for loan: $25$ years interest late: $8\%$

III. Calculations$-$Make sure to round all values on this journal to the nearest cent $($Two Decimal Places$).$ Make sure to SHOW WORK on parts b$)-$ f$).$

a$)$ Sale Price of Property: $649,900$

b$)$ Find the required down payment.

$10\%$ of $649,900$ is $$64,990$

c$)$ Find the amount of the mortgage.

salesprice $-$ Dounpaymen't $=$ Mortgage

The amount of the mortgage payment for points $=$ mortgage is $$5,849\mathrm{.}100\mathrm{.}01$

d$)$ How much must be paid for points at closing?

one point equal to $1\%$ of the murtgage amount, and lpoint is reaured

The amount that must be paid for points at closing is $$5,849\mathrm{.}10$

e$)$ Find the monthly payment $($excluding escrow taxes and insurance$).$

$PMT=\frac{P(\frac{r}{n})}{(1-(1+\frac{r}{n}{)}^{-nt})}$

f$)$ Find the total interest paid over the timeframe of the loan.

IV$.$ Prepare a loan amortization schedule for the first three months of the mortgage. Show work for calculations below the table. Round values to two decimal places.

This is the amount you will use on the Loan Amortization Table Below:

$\backslash$table$[[\backslash$table$[[$Payment$],[$Number$]],\backslash$table$[[$Monthly$],[$Payment$]],\backslash$table$[[$Interest$],[$Payment$]],\backslash$table$[[$Principal$],[$Payment$]],\backslash$table$[[$Balance of$],[$Loan$]]],[1,,,,],[2,,,,],[3,,,,]]$

Work for Payment #$1$:

Work for Payment #$2$:

Work for Payment #$3$:

At the end please calculate ACTUAL monthly payment