On a cover page, provide the following:

a$)$ Go to

Zillow.com, find a property you would like to buy between

the range of $$150,000$ to $$550,000.$ Scroll through the property

until you find the monthly property tax and insurance payment.

b$)$ Determine your purchase price and down payment $($assume $20\%).$

c$)$ Determine amount of mortgage needed, term $($use $30$ years$)$ and

rate $($assume $5\%$ 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 $4).$

Using Excel, set up an amortization$($repayment$)$ schedule for each of

the three scenarios:

a$)$ Prepare an amortization schedule for your mortgage with $$2,000$

additional payment per year.

b$)$ Prepare an amortization schedule for your mortgage with $$3,000$

additional payment per year.

c$)$ Prepare an amortization schedule for your mortgage with $$5,000$

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 $20\%$ 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 $(30$ years$)$; then determine how much interest will be paid on

the loan over $30$ years.

Watch the PowerPoint on how to set up a mortgage amortization schedule.