1. On a cover page, provide the following:

1. Purchase Price of home below $289,000
2. Determine amount of mortgage needed, term (use 30 years) and rate (assume 5% interest rate).
3. Show the calculation of the required monthly payment (see page 2).
4. 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).

2. Using Excel, set up an amortization(repayment) schedule for each of the three scenarios:

1. Prepare an amortization schedule for your mortgage with $2,000 additional payment per year.

2. Prepare an amortization schedule for your mortgage with $3,000 additional payment per year.

3. Prepare an amortization schedule for your mortgage with $5,000

additional payment per year.

3. 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.

2 Zillow Save Share 000 More $379,900 3 bd 3 ba 2,160 sqft 625 Blackberry Ridge Dr, Aurora, IL 60506 Est. payment: $2.268/mo Get pre-qualified Contact Agent Take a Tour Monthly cost Estimated monthly cost $2,268 Principal & interest $1,261/mo Mortgage insurance $0/mo Property taxes $861/mo Home insurance $133/mo HOA fees $13/mo Utilities Not included All calculations are estimates and provided for informational purposes only. Actual amounts may vary. Don't miss out on this home, or any other on your list. 2 Zillow Save Share 000 More $379,900 3 bd 3 ba 2,160 sqft 625 Blackberry Ridge Dr, Aurora, IL 60506 Est. payment: $2.268/mo Get pre-qualified Contact Agent Take a Tour Monthly cost Estimated monthly cost $2,268 Principal & interest $1,261/mo Mortgage insurance $0/mo Property taxes $861/mo Home insurance $133/mo HOA fees $13/mo Utilities Not included All calculations are estimates and provided for informational purposes only. Actual amounts may vary. Don't miss out on this home, or any other on your list