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On a cover page, provide the following: a ) Go to Zillow.com, find a property you would like to buy between the range of $
On a cover page, provide the following: a Go to Zillow.com, find a property you would like to buy between the range of $ to $ Scroll through the property until you find the monthly property tax and insurance payment. b Determine your purchase price and down payment assume c Determine amount of mortgage needed, term use years and rate assume interest rate d Show the calculation of the required monthly payment see page e Calculate the total payments and the total interest that would be paid over the life of the mortgage you have selected above see page Using Excel, set up an amortizationrepayment schedule for each of the three scenarios: a Prepare an amortization schedule for your mortgage with $ additional payment per year. b Prepare an amortization schedule for your mortgage with $ additional payment per year. c Prepare an amortization schedule for your mortgage with $ additional payment per year. For each of the above scenario, show: Calculation of annual payment Total interest paid for the specific scenario, Amount of interest saved by payment of additional sum each year, Number of years it took to pay the off the entire mortgage.To complete this project: Search for a property in a location you are interested in Assume a downpayment on the property and compute the monthly required payment for the loan amount that is needed to purchase this property. Calculate total payments that would be made to the bank over the term of the loan years; then determine how much interest will be paid on the loan over years. Watch the PowerPoint on how to set up a mortgage amortization schedule.
On a cover page, provide the following:
a Go to
Zillow.com, find a property you would like to buy between
the range of $ to $ Scroll through the property
until you find the monthly property tax and insurance payment.
b Determine your purchase price and down payment assume
c Determine amount of mortgage needed, term use years and
rate assume interest rate
d Show the calculation of the required monthly payment see page
e Calculate the total payments and the total interest that would be
paid over the life of the mortgage you have selected above see
page
Using Excel, set up an amortizationrepayment schedule for each of
the three scenarios:
a Prepare an amortization schedule for your mortgage with $
additional payment per year.
b Prepare an amortization schedule for your mortgage with $
additional payment per year.
c Prepare an amortization schedule for your mortgage with $
additional payment per year.
For each of the above scenario, show:
Calculation of annual payment
Total interest paid for the specific scenario,
Amount of interest saved by payment of additional sum each year,
Number of years it took to pay the off the entire mortgage.To complete this project:
Search for a property in a location you are interested in
Assume a downpayment on the property and compute the monthly required payment for the loan amount that is needed to purchase this
property.
Calculate total payments that would be made to the bank over the term of the loan years; then determine how much interest will be paid on
the loan over years.
Watch the PowerPoint on how to set up a mortgage amortization schedule.
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