Please help solve.

Down Payment Required (List %): 10Number of Points at Closing 2Mortgage Time Frame for Loan: 30Interest Rate (List %): 7Annual Insurance Amount:2500Annual Escrow Taxes Amount: 3000

III. CalculationsMake sure to round all values on this journal to the nearest cent (Two Decimal places) Show work.

a) Sale Price of Property: ___$1,795,000________________________

b) Find the required down payment.

c) Find the amount of the mortgage.

d) How much must be paid for points at closing?

e) Find the monthly payment (excluding escrow taxes and insurance).

f) Find the total interest paid over the timeframe of the loan.

IV. Prepare a loan amortization schedule for the first three months of the mortgage. Show work for calculations below the table. Round values to twoo decimal places.

This is the amount you will use on the Loan Amortization Table Below:

Payment Number Monthly Payment Interest Payment Principal Payment Balance of Loan1 2 3

Work for Payment #1:

Work for Payment #2:

Work for Payment #3:

Calculate your ACTUAL Monthly Payment:

a) How much is the annual insurance amount? _______________________

Divide the amount by 12 to determine the monthly insurance payment: _______

b) How much is the annual escrow taxes? _____________________

Divide the amount by 12 to determine the monthly escrow tax payment: ______

c) Add the monthly insurance payment and monthly escrow tax payment to your monthly mortgage payment:

Actual Monthly Payment: ________________________

PMT=(1(1+nr)nt)P(nr)