I have anwsered a couple but i need help with the rest.

Suppose that you are buying a house for $195,000. The loan is at a fixed APR of 4.5% for 30 years.

a)If a 10% down payment is required, calculate this amount: $19,500______________

b)What amount remains to be financed (this will be your loan amount)? ___$175,500__________

c)Use the Auto Calculator to calculate your monthly payment: ____889.23

Note that property tax and homeowner's insurance will usually be added to the monthly payment, but we will look at just the payment on the principal for comparison purposes.

175,000X4.5%=7,897.5 In a year

d)Using the amortization table from the Auto Calculator, complete the following:

PaymentMonthly PaymentPrincipal PaidTotal InterestBalance

0N/AN/AN/A$175,000

1

2

3

360

e)Explain two interesting things you notice from looking at the amortization table.

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). _______________

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 made a down payment). _______________

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 can't 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: _______________

How much more do you pay over the life of the loan by putting nothing down compared to when you made a down payment in (g)? _______________

k)Explain at least 2 things you've observed from making the above comparisons.