I have to show work and I am really bad at calculating the taxes and everything without help from financial calculators online. Please help

Individual Assessment: Total Cost *Show work! Part I: Research and Determine Mortgage Amount 1. Find a home you would like to purchase and provide a description of the home along with the sale price. 2. State the mortgage amount needed for the home you chose if you do not have a down payment. 3. Time to get creative! Come up with a down payment amount you could have saved and explain how the money was saved. 4. State the mortgage amount needed for the home you chose after taking your down payment into consideration. Part II: Calculate Total Costs A bank offers the fixed rate loan shown below. Calculate the following for your mortgage with and without a down payment. Show your work for parts 2 - 7. 1. Monthly payment amount for a 5.7% 30-year fixed rate mortgage 2. Total cost of principal and interest 3. One Discount point that equals 1% of the mortgage amount 4. Documentary Stamp Tax on Deed is $0.70 per $100 or portion thereof 5. Documentary Stamp Tax on Mortgage is $0.35 per $100 or portion thereof 6. Mortgage Broker Fee is 0.75% of the mortgage amount 7. Intangible tax amount is 0.2% of the mortgage amount Part III: Analysis Make a table as shown to compare costs. Table showing comparison of costs Down Payment No Down payment Total Principal and Interest Discount Points Documentary Stamp Tax on Deed Documentary Stamp Tax on Mortgage Mortgage Broker Fee Intangible Tax Down Payment Amount TOTAL 1. What is the difference between total costs with and without a down payment? What does this value represent? 2. Do all of the costs depend on the amount of the mortgage? Explain using complete sentences. 3. How does a down payment affect the total cost of a mortgage? Explain using complete sentences. Individual Assessment: Total Cost Part II: Calculate Total Costs A bank offers the fixed rate loan shown below. Calculate the following for your mortgage with and without a down payment. Show your work for parts 2 - 7. 1. Monthly payment amount for a 5.7% 30-year fixed rate mortgage Monthly payments without a down payment Amount= $289,000*(1.00475)^360 =$1,591,414.07 Monthly Payments= ($1,591,414.07-$289,000)/360 months =$3,617.82 Monthly Payments with a down payment of 20% Amount=$231,200*(1.00475)^360 =$1,273,131.26 Monthly Payments=$2,894.25 2. Total cost of principal and interest Total cost for a loan without a down payment Amount= $289,000*(1.00475)^360 =$1,591,414.07 Total cost for mortgage loan with a 20% down payments Amount=$231,200*(1.00475)^360 =$1,273,131.26 3. One Discount point that equals 1% of the mortgage amount One Discount point for the mortgage without down payment= 0.01*$289,000 =$2,890 One Discount point for the mortgage with a down payment of 20%=0.01*$231,200 =$2,310 4. Documentary Stamp Tax on Deed is $0.70 per $100 or portion thereof Documentary Stamp Tax on Deed=$0.70/$100*289,000 =$2,023 Or =$0.70/$100*$231,200 =$1,618.40 5. Documentary Stamp Tax on Mortgage is $0.35 per $100 or portion thereof Documentary Stamp on Mortgage=0.0035*$289,000 =1,011.5 Or 0.035*$231,200=$809.2 6. Mortgage Broker Fee is 0.75% of the mortgage amount Mortgage Broker Fee= 0.0075*$289,000 =$2,167.5 Or 0.0075*$231,200 =$1,734 7. Intangible tax amount is 0.2% of the mortgage amount Intangible tax=0.002*$289,000 =$578 Or 0.002*$231,200=$462.40 Part III: Analysis Make a table as shown to compare costs. Table showing comparison of costs Down Payment Total Principal and Interest $1,273,131.26 Discount Points $2,310 Documentary Stamp Tax on Deed $1,618.40 Documentary Stamp Tax on Mortgage $809.2 Mortgage Broker Fee $1,734 Intangible Tax $462.40 Down Payment Amount $57,800 TOTAL $1,337,865.26 No Down payment $1,591,414.07 $2,890 $2,023 1,011.5 $2,167.5 $578 $0.0 $1,609,084.07 1. What is the difference between total costs with and without a down payment? What does this value represent? Difference= $1,609,084.07-$1,337,865.26 =$271,218.81 This value represents the excess in total cost that a person taking a mortgage without a down payment will have to incur. 2. Do all of the costs depend on the amount of the mortgage? Explain using complete sentences. Yes all the costs depend on the amount of mortgage since none of the costs is fixed fee. 3. How does a down payment affect the total cost of a mortgage? Explain using complete sentences. Down payment reduces the total cost of mortgage since all the other costs are based on percentage. Individual Assessment: Total Cost Part II: Calculate Total Costs A bank offers the fixed rate loan shown below. Calculate the following for your mortgage with and without a down payment. Show your work for parts 2 - 7. 1. Monthly payment amount for a 5.7% 30-year fixed rate mortgage Monthly payments without a down payment Amount= $289,000*(1.00475)^360 =$1,591,414.07 Monthly Payments= ($1,591,414.07-$289,000)/360 months =$3,617.82 Monthly Payments with a down payment of 20% Amount=$231,200*(1.00475)^360 =$1,273,131.26 Monthly Payments=$2,894.25 2. Total cost of principal and interest Total cost for a loan without a down payment Amount= $289,000*(1.00475)^360 =$1,591,414.07 Total cost for mortgage loan with a 20% down payments Amount=$231,200*(1.00475)^360 =$1,273,131.26 3. One Discount point that equals 1% of the mortgage amount One Discount point for the mortgage without down payment= 0.01*$289,000 =$2,890 One Discount point for the mortgage with a down payment of 20%=0.01*$231,200 =$2,310 4. Documentary Stamp Tax on Deed is $0.70 per $100 or portion thereof Documentary Stamp Tax on Deed=$0.70/$100*289,000 =$2,023 Or =$0.70/$100*$231,200 =$1,618.40 5. Documentary Stamp Tax on Mortgage is $0.35 per $100 or portion thereof Documentary Stamp on Mortgage=0.0035*$289,000 =1,011.5 Or 0.035*$231,200=$809.2 6. Mortgage Broker Fee is 0.75% of the mortgage amount Mortgage Broker Fee= 0.0075*$289,000 =$2,167.5 Or 0.0075*$231,200 =$1,734 7. Intangible tax amount is 0.2% of the mortgage amount Intangible tax=0.002*$289,000 =$578 Or 0.002*$231,200=$462.40 Part III: Analysis Make a table as shown to compare costs. Table showing comparison of costs Down Payment Total Principal and Interest $1,273,131.26 Discount Points $2,310 Documentary Stamp Tax on Deed $1,618.40 Documentary Stamp Tax on Mortgage $809.2 Mortgage Broker Fee $1,734 Intangible Tax $462.40 Down Payment Amount $57,800 TOTAL $1,337,865.26 No Down payment $1,591,414.07 $2,890 $2,023 1,011.5 $2,167.5 $578 $0.0 $1,609,084.07 1. What is the difference between total costs with and without a down payment? What does this value represent? Difference= $1,609,084.07-$1,337,865.26 =$271,218.81 This value represents the excess in total cost that a person taking a mortgage without a down payment will have to incur. 2. Do all of the costs depend on the amount of the mortgage? Explain using complete sentences. Yes all the costs depend on the amount of mortgage since none of the costs is fixed fee. 3. How does a down payment affect the total cost of a mortgage? Explain using complete sentences. Down payment reduces the total cost of mortgage since all the other costs are based on percentage