Question
PLEASE STOP SAYING NEED MORE INFORMATION! WHAT DO YOU NEED? SPECIFY!!!!! I AM NOT ABLE TO UPLOAD THE EXCELL SHEET!!!! Please Please HELP me with
PLEASE STOP SAYING NEED MORE INFORMATION! WHAT DO YOU NEED? SPECIFY!!!!! I AM NOT ABLE TO UPLOAD THE EXCELL SHEET!!!!
Please Please HELP me with this mini project
Where is your dream home located? How much will it cost to buy it? Do some research and find your dream home. Provide a link to your dream home. [5 points]
Research lending rates and pick a bank you will approach for your mortgage. Choose the repayment period for your mortgage, the amount of down-payment you will make, etc. [5 points]
Use the loan amortization schedule Excel file below to generate the loan amortization schedule for your mortgage. Note down the total payment you will make over the lifetime of your mortgage and the amount of interest you will pay your bank. [5 points]
Create two scenarios to pay off your loan early. For one scenario, you may want to add an additional affordable amount to your monthly payments (for instance, if your monthly payment is $889, you might add an extra $11 each month and make $900 monthly payment instead). For the second scenario, you might make periodic extra payments when you get a bonus, for instance. In each case, note down the reduction in interest cost from paying off early, as well the number of months by which you cut down your mortgage. [10 points; 5 for each scenario]
Write up a brief report summarizing your findings. Submit it here for grading. Remember to upload your Excel file as well. [10 points] Share your report with your classmates on the discussion board with a similar name.
LoanAmortizationSchedule | |||||||||
Enter values | Loan summary | ||||||||
Loan amount | $ 120,000.00 | Scheduled payment | $ 830.86 | ||||||
Annual interest rate | 7.40 % | Scheduled number of payments | 360 | ||||||
Loan period in years | 30 | Actual number of payments | 360 | ||||||
Number of payments per year | 12 | Total early payments | $ - | ||||||
Start date of loan | 4/1/2016 | Total interest | $ 179,108.07 | ||||||
Optional extra payments | |||||||||
Lender name: | |||||||||
PmtNo. | Payment Date | Beginning Balance | Scheduled Payment | Extra Payment | Total Payment | Principal | Interest | Ending Balance | Cumulative Interest |
1 | 5/1/2016 | $ 120,000.00 | $ 830.86 | - | $ 830.86 | $ 90.86 | $ 740.00 | $ 119,909.14 | $ 740.00 |
2 | 6/1/2016 | 119,909.14 | 830.86 | - | 830.86 | 91.42 | 739.44 | 119,817.73 | 1,479.44 |
3 | 7/1/2016 | 119,817.73 | 830.86 | - | 830.86 | 91.98 | 738.88 | 119,725.75 | 2,218.32 |
4 | 8/1/2016 | 119,725.75 | 830.86 | - | 830.86 | 92.55 | 738.31 | 119,633.20 | 2,956.62 |
5 | 9/1/2016 | 119,633.20 | 830.86 | - | 830.86 | 93.12 | 737.74 | 119,540.08 | 3,694.36 |
6 | 10/1/2016 | 119,540.08 | 830.86 | - | 830.86 | 93.69 | 737.16 | 119,446.39 | 4,431.53 |
7 | 11/1/2016 | 119,446.39 | 830.86 | - | 830.86 | 94.27 | 736.59 | 119,352.12 | 5,168.11 |
8 | 12/1/2016 | 119,352.12 | 830.86 | - | 830.86 | 94.85 | 736.00 | 119,257.27 | 5,904.12 |
9 | 1/1/2017 | 119,257.27 | 830.86 | - | 830.86 | 95.44 | 735.42 | 119,161.84 | 6,639.54 |
10 | 2/1/2017 | 119,161.84 | 830.86 | - | 830.86 | 96.02 | 734.83 | 119,065.81 | 7,374.37 |
11 | 3/1/2017 | 119,065.81 | 830.86 | - | 830.86 | 96.62 | 734.24 | 118,969.19 | 8,108.61 |
12 | 4/1/2017 | 118,969.19 | 830.86 | - | 830.86 | 97.21 | 733.64 | 118,871.98 | 8,842.25 |
13 | 5/1/2017 | 118,871.98 | 830.86 | - | 830.86 | 97.81 | 733.04 | 118,774.17 | 9,575.29 |
14 | 6/1/2017 | 118,774.17 | 830.86 | - | 830.86 | 98.42 | 732.44 | 118,675.75 | 10,307.74 |
15 | 7/1/2017 | 118,675.75 | 830.86 | - | 830.86 | 99.02 | 731.83 | 118,576.73 | 11,039.57 |
16 | 8/1/2017 | 118,576.73 | 830.86 | - | 830.86 | 99.63 | 731.22 | 118,477.10 | 11,770.79 |
17 | 9/1/2017 | 118,477.10 | 830.86 | - | 830.86 | 100.25 | 730.61 | 118,376.85 | 12,501.40 |
18 | 10/1/2017 | 118,376.85 | 830.86 | - | 830.86 | 100.87 | 729.99 | 118,275.99 | 13,231.39 |
19 | 11/1/2017 | 118,275.99 | 830.86 | - | 830.86 | 101.49 | 729.37 | 118,174.50 | 13,960.76 |
20 | 12/1/2017 | 118,174.50 | 830.86 | - | 830.86 | 102.11 | 728.74 | 118,072.39 | 14,689.50 |
21 | 1/1/2018 | 118,072.39 | 830.86 | - | 830.86 | 102.74 | 728.11 | 117,969.65 | 15,417.62 |
22 | 2/1/2018 | 117,969.65 | 830.86 | - | 830.86 | 103.38 | 727.48 | 117,866.27 | 16,145.10 |
23 | 3/1/2018 | 117,866.27 | 830.86 | - | 830.86 | 104.01 | 726.84 | 117,762.26 | 16,871.94 |
24 | 4/1/2018 | 117,762.26 | 830.86 | - | 830.86 | 104.66 | 726.20 | 117,657.60 | 17,598.14 |
25 | 5/1/2018 | 117,657.60 | 830.86 | - | 830.86 | 105.30 | 725.56 | 117,552.30 | 18,323.69 |
26 | 6/1/2018 | 117,552.30 | 830.86 | - | 830.86 | 105.95 | 724.91 | 117,446.35 | 19,048.60 |
27 | 7/1/2018 | 117,446.35 | 830.86 | - | 830.86 | 106.60 | 724.25 | 117,339.75 | 19,772.85 |
28 | 8/1/2018 | 117,339.75 | 830.86 | - | 830.86 | 107.26 | 723.60 | 117,232.49 | 20,496.45 |
29 | 9/1/2018 | 117,232.49 | 830.86 | - | 830.86 | 107.92 | 722.93 | 117,124.56 | 21,219.38 |
30 | 10/1/2018 | 117,124.56 | 830.86 | - | 830.86 | 108.59 | 722.27 | 117,015.98 | 21,941.65 |
31 | 11/1/2018 | 117,015.98 | 830.86 | - | 830.86 | 109.26 | 721.60 | 116,906.72 | 22,663.25 |
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