please help me

Chapter 5 Activity - Amortization Use a real estate company's search engine to identify a home you may be interested in buying in the near future. 1. Name of real estate company \& web address: 2. Property address: 3. Property price: To avoid paying private mortgage insurance (PMI), buyers typically need a 20% down payment. Calculate such a down payment for this home. 4. Down payment of 20% : Find current mortgage rates for the loan types below from a bank of your choice. 5. Source (bank/web address) \& terms for 30 -year mortgage: 6. Source (bank/web address) \& terms for 15-year mortgage: Find an amortization calculator that is capable of showing you the entire amortization schedule to answer the following questions (www.bankrate.com is usually a good source). 7. What is the monthly payment on the 30-year loan (make sure you deduct your down payment when calculating the loan amount)? 8. How much of the first payment is interest on the 30-year loan? 9. Use the amortization schedule to determine the loan balance of the 30-year loan once half the payments are made. 10. What percent of the original 30-year loan still remains (i.e. remaining principal balance divided bv oricinal loan amounti? (1) 10. What percent of the original 30-year loan still remains (i.e. remaining principal balance divided by original loan amount)? 11. How much total interest do you pay over the life of the 30-year loan? 12. What is the monthly payment on the 15-year loan? 13. How much of the first payment is interest on the 15-year loan? 14. Use the amortization schedule to determine the loan balance of the 15-year loan once half the payments are made. 15. What percent of the original 15-year loan still remains (i.e. remaining principal balance divided by original loan amount)? 16. How much total interest do you pay over the life of the 15-year loan? 17. On the back of this sheet, discuss your reaction to the above exercises. Questions to consider (DO NOT limit yourself to just these questions: consider them a "jumping off" point. I just want your reactionl): Does a 30-year or 15-year mortgage seem more financially responsible? Do you think you will be able to save an adequate down payment by the time you want to purchase a home? Are surprised at how much (or little) of the home you actually 'own' halfway through making payments