make a spreadsheet
Assume that you will finance 70% of the asking price of the home.
The interest rate is 2.232%.
Using an initial principal of 70% of the purchase price, 120-month term (10 years) and the interest rate
Label your columns month, payment, applied to interest, applied to principal, and remaining principal.
You must use a spreadsheet and not a website. You will submit this document as an Excel document (a PDF will not be accepted). Answer the following four questions.
You may word process your answers or print neatly. The document you submit must be in PDF format, however. Most word processors allow you to save a document in PDF format. Printed answers can be scanned as a PDF using one of number of different apps. Directions to using one of them are included in the Week 1: Videos in HFC Online. In 2-3 sentences state the details of the home you have chosen. Include the address, asking price, and the initial principal. Provide the work for finding the initial principal of 70% of the asking price. Calculate the monthly payment using the formula outlined in section 4.2. Show your work. State you what your monthly payment would be for the loan. Using your spread sheet determine the total amount paid for the loan and the amount of interest you would pay for the loan. State your answer in 1-2 complete sentence(s). Watch my full video! Determine what percent of your overall payments would be applied to interest. Explain how you found your answer. (Forgot how to find a percent?...Read this article "How to Calculate the Percent of Something" on sciencing.com) (the directions my professor gave me are in the image attached but that's whole jist right there^)
Preview: You will find a current home for sale in the Metropolitan Detroit area that you would like to buy. (You can use Websites like Realtor, Zillow, or the MLS or even the local newspaper). You can be realistic or make an aspirational choice, the only requirement is that the home has a listing price of over $19,999. Record the asking price of the home and record where you found the house for sale in the citations. If it is on the MLS system, then record the MLS number. Typically, when buying a house there is some negotiation involved. There are also fees to make sure the property is actually owned by the seller, fees to the company issuing the mortgage, fees to an appraiser, fees to the county and so on. For the purpose of this project we will assume that the seller has agreed to pick up the fees and that you agree to pay the asking price. Assume that you will finance 70% of the asking price of the home. Visit the Bank Of HFC Interest Rate Claim (Also known as the SignUpGenius for project #3) to select your fixed interest rate with zero points and fees. I will only grade your project if you have claimed an interest rate. Use your valid email address so that you can receive the confirmation email notifying you of your choice. What to do: 1. Using an initial principal of 70% of the purchase price, 120-month term (10 years) and the interest rate you claimed in the Sign-Up create an amortization table for the loan (you will need to answer questions 1 and 2 before creating your chart). Label your columns month, payment, applied to interest, applied to principal, and remaining principal. You must use a spreadsheet and not a website. You will submit this document as an Excel document (a PDF will not be accepted). If you don't have excel on your computer don't fret HFC provides you with free access to Excel through Microsoft 365. Click here to access Excel on the internet. (You will need to log into your HFC account using your Hawkmail Username and Password) 2. Answer the following four questions. You may word process your answers or print neatly. The document you submit must be in PDF format, however. Most word processors allow you to save a document in PDF format. Printed answers can be scanned as a PDF using one of number of different apps. Directions to using one of them are included in the Week 1: Videos in HFC Online. 1. In 2-3 sentences state the details of the home you have chosen. Include the address, asking price, and the initial principal. Provide the work for finding the initial principal of 70% of the asking price. 2. Calculate the monthly payment using the formula outlined in section 4.2. Show your work. State you what your monthly payment would be for the loan. 3. Using your spread sheet determine the total amount paid for the loan and the amount of interest you would pay for the loan. State your answer in 1-2 complete sentence(s). Watch my full video! 4. Determine what percent of your overall payments would be applied to interest. Explain how you found your answer. (Forgot how to find a percent... Read this article "How to Calculate the Percent of Something" on sciencing.com) Preview: You will find a current home for sale in the Metropolitan Detroit area that you would like to buy. (You can use Websites like Realtor, Zillow, or the MLS or even the local newspaper). You can be realistic or make an aspirational choice, the only requirement is that the home has a listing price of over $19,999. Record the asking price of the home and record where you found the house for sale in the citations. If it is on the MLS system, then record the MLS number. Typically, when buying a house there is some negotiation involved. There are also fees to make sure the property is actually owned by the seller, fees to the company issuing the mortgage, fees to an appraiser, fees to the county and so on. For the purpose of this project we will assume that the seller has agreed to pick up the fees and that you agree to pay the asking price. Assume that you will finance 70% of the asking price of the home. Visit the Bank Of HFC Interest Rate Claim (Also known as the SignUpGenius for project #3) to select your fixed interest rate with zero points and fees. I will only grade your project if you have claimed an interest rate. Use your valid email address so that you can receive the confirmation email notifying you of your choice. What to do: 1. Using an initial principal of 70% of the purchase price, 120-month term (10 years) and the interest rate you claimed in the Sign-Up create an amortization table for the loan (you will need to answer questions 1 and 2 before creating your chart). Label your columns month, payment, applied to interest, applied to principal, and remaining principal. You must use a spreadsheet and not a website. You will submit this document as an Excel document (a PDF will not be accepted). If you don't have excel on your computer don't fret HFC provides you with free access to Excel through Microsoft 365. Click here to access Excel on the internet. (You will need to log into your HFC account using your Hawkmail Username and Password) 2. Answer the following four questions. You may word process your answers or print neatly. The document you submit must be in PDF format, however. Most word processors allow you to save a document in PDF format. Printed answers can be scanned as a PDF using one of number of different apps. Directions to using one of them are included in the Week 1: Videos in HFC Online. 1. In 2-3 sentences state the details of the home you have chosen. Include the address, asking price, and the initial principal. Provide the work for finding the initial principal of 70% of the asking price. 2. Calculate the monthly payment using the formula outlined in section 4.2. Show your work. State you what your monthly payment would be for the loan. 3. Using your spread sheet determine the total amount paid for the loan and the amount of interest you would pay for the loan. State your answer in 1-2 complete sentence(s). Watch my full video! 4. Determine what percent of your overall payments would be applied to interest. Explain how you found your answer. (Forgot how to find a percent... Read this article "How to Calculate the Percent of Something" on sciencing.com)
