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Please show calculation. Thank you! You are ready to buy a house and you have $50,000 for a down payment and closing costs.Closing costs are

Please show calculation. Thank you!

You are ready to buy a house and you have $50,000 for a down payment and closing costs.Closing costs are estimated to be 3.5% of the loan value.You have an annual salary of $120,000.The bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income.The interest rate on the loan is 6% per year with monthly compounding (.5% per month) for a 30-year fixed rate loan.

1.How much money will the bank loan you?

2.How much can you offer for the house?

3.Create loan amortization table in Excel and submit the spreadsheet.

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