i need help with number 8 please

Module 6 Canvas Homework 115 Points Total 1 2 Note: you never need to put a negative (-) sign in front of any answer! When we ask for a dollar ($) amount, we just the amount, we don't need to know it's inflow or outflow (+/-), as well assume this was apparent from the question A few years out of UCCS you're earning $125,000 and decide to buy a condominium. The one you like will cost $300,000. Th bank will require a 15% down payment and will lend you the difference in a 30yr traditional mortgage at an interest rate of 4.800%(M). What is the amount of your down payment? 45000 What is the amount of the loan? 255 000 What is your home equity, the day you buy the condominium? 45000 What is the monthly payment on the mortgage? 1337.90 What is your taxable income for the first year you own the condominium (ie. what is your salary minus the total in paid in year 112 1128415.05 If your effective tax rate is 25%, how much would you have paid in taxes if you didn't have the mortgage loan and taxable income was $125,000? 3 4 3 6 7 If your effective tax rate is 25%, how much will you pay in taxes on your taxable income from 05? How much did you save in taxes the first year by owning the condominium? 31250.00 28 211.36 8 For three years from the day you bought the condo, Colorado real estate continues to climb. Your condo appreciates 49 year for three years. And, interest rates fall to 3.60%(M). You decide to refinance your mortgage. You can refinance in mortgage for (again) 85% of the current market value of the condo. 9 What is the value of your condominium at the end of year three? 10 What is the remaining principal balance on your mortgage? 11 What is the amount (ie new principal balance) of the new mortgage loan you take out? What is the new monthly payment you'll be making on the new mortgage? 12 13 You paid off the original mortgage principal balance, taking out a new mortgage with a higher principal balance cash did you receive after paying off the original mortgage