Not on excel please

30. You are ready to buy a house and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 5% of the loan value. You have an annual salary of $48,000 and the bank is willing to allow your monthly mortgage payment to be equal to 35% of your monthly income. The interest rate on the loan is 6% per year with monthly compounding (.5% per month) for a 30-year fixed rate loan. How much can you offer for the house (total price)? a. 241,762.63 b. 241,832.85 . 267,652.41 d. 242,899.15 29. You borrow $300,000 for forty years at 8 percent. This is an amortized loan. How much of the first payment goes to the principle balance of the loan? Assume that one month is equal to 1/12th of a year. a. $72.12 b. $85.94 c. $2,072.12 d. $2,085.94