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hello can you help me with this excel sheet following the tempmate, also can i see the formulas in a different sheet to understad! thak
hello can you help me with this excel sheet following the tempmate, also can i see the formulas in a different sheet to understad! thak you Note that all shaded cells should have appropriate Excel functions or formulas. Variables Purchase price Down payment (%) Down payment ($) Mortgage interest rate Term of loan Fees and closing costs Mortgage Insurance Functions/ values $240,000 15% -$36,000 5% per year, compounded monthly 30 years -$6,000 -$96 Calculations Loan amount = Monthly loan payment- Total monthly payment $204,000 -$1,095 per month -$1,191 per month Compute APR Net initial cash flow = $198,000 Total monthly -$1,191 Nominal APR = 6.03% per year, compounded monthly Effective APR = 6.20% per year Over life of mortgage Total payments = $394,242 excluding insurance Total interest paid = $190,242 Principal and interest Components For month # 48 Interest component- - $797 Principal component - -$298 Loan balance $191,005 Jorn Doe has just been offered a home loan towards purchase of house that is being sold for $230,000. He will be required to make a 10% down payment as well as mortgage processing fees and closing costs of $5.000. The loan has to be paid off in monthly payments over a 30-year period a Fred interest rate of 6% per year compounded monthly. He will also be required to pay an additional $135 per months mortgage insurance Using Excel answer the following questions (a) The monthly mortgage payment is 5 (enter as a positive number to the nearest dolar) (b) The total monthly payment is (enter as a positive number to the nearest dollar) c) The nominal APR to the nearest 2 decimal places) The effective APRIL (to the nearest 2 decimal places) (d) Over the 30 year period, the total amount of interest paid on the loan is $conter as a positive romber to the nearest dollar) (e) The interest amount in the month 66 payment is senter as a positive number to the nearest dollar) The principal amount in the month 66 payment is (enter as a positive number to the nearest dolar) The balance on the loan immediately after making the payment at the end of month 66 $enter as a positive number to the nearest dollar
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