Help with mortgages homework? Stuck!

I don't know what to do when it gets to #6, I got the first five down but I'm stuck.

Your First Home: Chapter One (day one) A few years out of UCCS and you're earning a salary of $125,000 and decide to buy your first condominium (a condominium, or condo, is just an apartment that you own). The condo will cost $300,000. The bank requires a 15% down payment, and will lend you the difference in a 4.80%(M) traditional 30yr mortgage. Questions What is the value of your home equity the day you buy the condo? $45,000 2 What is your monthly payment? $1,337.90 What is the total amount of interest you will pay in the first year (i.e. months 1-12)? $12,154.95 $112,846 What is your taxable income at the end of the first year, for computing your tax liability (remember: mortgage interest is tax-deductible, so your taxable income is salary minus total interest paid for the year)? If your effective tax rate is 25%, how much are you saving in taxes this first year (compared to not having tax- deductible interest)? $3,038.5 Your First Home: Chapter Two (end of year three) For three years from the day you bought the condo, Colorado real estate continues to climb. Your condo appreciates 4% every year for three years. And, interest rates fall to 3.60%(M). You decide to refinance your mortgage. You can refinance into a new mortgage for (again) 85% of the value of the condo. Questions What is the value of your condo at the end of year three? Before you refinance, what is the principal balance you owe on the mortgage at the end of year three (i.e. month 36)? What is the new loan amount (i.e. new principal balance) for the new mortgage? What is the new monthly payment you'll be making on the new mortgage? 10 What is the total amount of interest you will pay in the first year (i.e. months 1-12 on new mtge)? You paid off the original mortgage principal balance, taking out a new mortgage with a higher principal balance, how cash did you receive after paying off the original mortgage? Your First Home: Chapter Three (end of year ten) Now seven more years have passed, a total of ten years since you bought the condo. The real estate market slowed down and then it crashed. For the next 6 years, your condo appreciated at 1% per year, but then over-building finally caught up with Colorado and in year 10 the housing market fell 20%. You pay a broker a 5% commission to sell the condo. You also have closing costs of $2,500. Questions 12 What is the value (sale price of your condo at the end of year ten? Hint: it's worth less than you paid for it. 13 Inclusive of the realtor commission and closing costs, what cash do you receive upon sale? What is the principal balance you owe on the mortgage at the end of year ten? (Hint: be careful here... It's 10 years since you bought the condo, but you refinanced to a new mtge at the end of year three... so be careful: how many months have passed on this new mortgage?) 15 You sell the condo, receive cash (question 13) and pay off the mortgage (question 14). How much cash do you have left after the sale? Your First Home: Chapter Four (still end of year ten) Now, you wonder, how good of an investment was this condo over these ten years? Questions 16 Assume that at the end of year three when you refinanced your mortgage, and you received cash then, you put that extra cash in a savings account earning 3.00%(A). What is the total amount of cash you have now, in year 10 (i.e. 7 years later), from that deposit? When you sold the condo at the end of year 10, you received cash after paying off the loan, what was the value of that cash (question 15)? What is the total amount of cash in your hands at the end of year ten (i.e. sum of the answers to questions 16 & 17). When you bought the condo ten years ago, you had to pay a down payment, how much was the original down payment? 20 You made an initial cash outflow (the down payment, question 19) and ten years later had cash in the bank (total cash, question 18). Your initial investment is PV, the final cash back is FV, and 10 years passed. What was the % return each year? Using TVM, solve for annuali (to three decimal places). Your First Home: Chapter One (day one) A few years out of UCCS and you're earning a salary of $125,000 and decide to buy your first condominium (a condominium, or condo, is just an apartment that you own). The condo will cost $300,000. The bank requires a 15% down payment, and will lend you the difference in a 4.80%(M) traditional 30yr mortgage. Questions What is the value of your home equity the day you buy the condo? $45,000 2 What is your monthly payment? $1,337.90 What is the total amount of interest you will pay in the first year (i.e. months 1-12)? $12,154.95 $112,846 What is your taxable income at the end of the first year, for computing your tax liability (remember: mortgage interest is tax-deductible, so your taxable income is salary minus total interest paid for the year)? If your effective tax rate is 25%, how much are you saving in taxes this first year (compared to not having tax- deductible interest)? $3,038.5 Your First Home: Chapter Two (end of year three) For three years from the day you bought the condo, Colorado real estate continues to climb. Your condo appreciates 4% every year for three years. And, interest rates fall to 3.60%(M). You decide to refinance your mortgage. You can refinance into a new mortgage for (again) 85% of the value of the condo. Questions What is the value of your condo at the end of year three? Before you refinance, what is the principal balance you owe on the mortgage at the end of year three (i.e. month 36)? What is the new loan amount (i.e. new principal balance) for the new mortgage? What is the new monthly payment you'll be making on the new mortgage? 10 What is the total amount of interest you will pay in the first year (i.e. months 1-12 on new mtge)? You paid off the original mortgage principal balance, taking out a new mortgage with a higher principal balance, how cash did you receive after paying off the original mortgage? Your First Home: Chapter Three (end of year ten) Now seven more years have passed, a total of ten years since you bought the condo. The real estate market slowed down and then it crashed. For the next 6 years, your condo appreciated at 1% per year, but then over-building finally caught up with Colorado and in year 10 the housing market fell 20%. You pay a broker a 5% commission to sell the condo. You also have closing costs of $2,500. Questions 12 What is the value (sale price of your condo at the end of year ten? Hint: it's worth less than you paid for it. 13 Inclusive of the realtor commission and closing costs, what cash do you receive upon sale? What is the principal balance you owe on the mortgage at the end of year ten? (Hint: be careful here... It's 10 years since you bought the condo, but you refinanced to a new mtge at the end of year three... so be careful: how many months have passed on this new mortgage?) 15 You sell the condo, receive cash (question 13) and pay off the mortgage (question 14). How much cash do you have left after the sale? Your First Home: Chapter Four (still end of year ten) Now, you wonder, how good of an investment was this condo over these ten years? Questions 16 Assume that at the end of year three when you refinanced your mortgage, and you received cash then, you put that extra cash in a savings account earning 3.00%(A). What is the total amount of cash you have now, in year 10 (i.e. 7 years later), from that deposit? When you sold the condo at the end of year 10, you received cash after paying off the loan, what was the value of that cash (question 15)? What is the total amount of cash in your hands at the end of year ten (i.e. sum of the answers to questions 16 & 17). When you bought the condo ten years ago, you had to pay a down payment, how much was the original down payment? 20 You made an initial cash outflow (the down payment, question 19) and ten years later had cash in the bank (total cash, question 18). Your initial investment is PV, the final cash back is FV, and 10 years passed. What was the % return each year? Using TVM, solve for annuali (to three decimal places)