Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need a solution to this in excel. This is the full information. Each step is clearly mentioned. Loan Amortization Scenario Since everyone is in

I need a solution to this in excel.

image text in transcribed

This is the full information. Each step is clearly mentioned.
Loan Amortization Scenario Since everyone is in a different financial situation, choose the scenario that interests you the most. Of course, you do not have to share your personal financial position; you are welcome to "invent" the starting figures. Buying a Home Buying a New/Used Car What is your monthly net income? How much "house" can you afford? The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. (Lesson 3) What is your monthly net income? Consider the type of car you wish to own and why that type of car would be best for your needs. (Lesson 17) Step 1 Step 1 Go to www.har.com, www.zillow.com, or other area real estate website and based on your estimate of affordability, search for a home in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. How much "car" can you afford? The rule of thumb is to plan on spending 10% to 15% of your total monthly budget on all automotive expenses. This includes gas, insurance, regular maintenance. Calculate the amount that you Step 2 Step 2 Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? . Go to www. Edmunds.com, www. Cars.com, or other website or classified ad and, based on your estimate of affordability, search for a car in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. Step 3 Step 3 Research loan offers and find the best mortgage rate for the down payment you can afford. Take a screenshot of that page and insert the image in your spreadsheet. Calculate the monthly mortgage payment and compare it to your monthly net income. If the monthly mortgage payment is too much of your monthly net income, you may want to search for a different home. Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? Research loan offers and find the best car loan rate. Take a screenshot of that page and insert the image in your spreadsheet. Step 4 Step 4 Using all of the information that you have researched, complete an amortization table for your loan at the best mortgage rate you found, with your 20% down payment. Using all of the information that you have researched, complete an amortization table for your loan at the best interest loan rate you found. Step 5 Step 5 The spreadsheet with its calculations and answers to all of the questions. The spreadsheet with its calculations and answers to all of the questions. Submit Submit Steps 1&3 = 3 pts., Steps 2&4 = 7 pts., Step 5 = 50 pts. Steps 1&2 = 3 pts., Steps 3&4 = 7 pts., Step 5 = 50 pts. Loan Amortization Scenario Since everyone is in a different financial situation, choose the scenario that interests you the most. Of course, you do not have to share your personal financial position; you are welcome to "invent" the starting figures. Buying a Home Buying a New/Used Car What is your monthly net income? How much "house" can you afford? The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. (Lesson 3) What is your monthly net income? Consider the type of car you wish to own and why that type of car would be best for your needs. (Lesson 17) Step 1 Step 1 Go to www.har.com, www.zillow.com, or other area real estate website and based on your estimate of affordability, search for a home in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. How much "car" can you afford? The rule of thumb is to plan on spending 10% to 15% of your total monthly budget on all automotive expenses. This includes gas, insurance, regular maintenance. Calculate the amount that you Step 2 Step 2 Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? . Go to www. Edmunds.com, www. Cars.com, or other website or classified ad and, based on your estimate of affordability, search for a car in an area that you desire that you can afford. Take a screenshot of that page and insert the image in your spreadsheet. Step 3 Step 3 Research loan offers and find the best mortgage rate for the down payment you can afford. Take a screenshot of that page and insert the image in your spreadsheet. Calculate the monthly mortgage payment and compare it to your monthly net income. If the monthly mortgage payment is too much of your monthly net income, you may want to search for a different home. Calculate the customary 20% down payment. Do you have the money for a 20% down payment or must you make an adjustment? Research loan offers and find the best car loan rate. Take a screenshot of that page and insert the image in your spreadsheet. Step 4 Step 4 Using all of the information that you have researched, complete an amortization table for your loan at the best mortgage rate you found, with your 20% down payment. Using all of the information that you have researched, complete an amortization table for your loan at the best interest loan rate you found. Step 5 Step 5 The spreadsheet with its calculations and answers to all of the questions. The spreadsheet with its calculations and answers to all of the questions. Submit Submit Steps 1&3 = 3 pts., Steps 2&4 = 7 pts., Step 5 = 50 pts. Steps 1&2 = 3 pts., Steps 3&4 = 7 pts., Step 5 = 50 pts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ethics Management Auditing And Developing The Ethical Content Of Organizations

Authors: S.P. Kaptein

1st Edition

0792350960, 978-0792350965

More Books

Students also viewed these Accounting questions

Question

e. What are notable achievements of the group?

Answered: 1 week ago