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PLEASE USE EXCEL FOR THE CALCULATIONS BELOW When Jane and Patrick Baker were house hunting five years ago, the fixed rate on a 30- year
PLEASE USE EXCEL FOR THE CALCULATIONS BELOW
- When Jane and Patrick Baker were "house hunting" five years ago, the fixed rate on a 30- year mortgage was 6% APR (Nominal Interest Rate) with monthly compounding. After walking through many homes, they finally reached a consensus and decided to buy a $500,000 home. The couple decided to put 20% down payment and took the 30-year mortgage with monthly payments.
- What is Jane and Patrick's monthly mortgage payment?
- Construct an amortization schedule in excel for the loan.
- During the first 5 years, how much has the couple paid towards the mortgage?
- What proportion of this was applied toward interest? What is the balance on their loan today?
Please show all work.
PLEASE USE EXCEL FOR SHOWING YOUR WORK AND RUNNING CALCULATIONS ABOVE. PLEASE DO NOT ATTEMPT IF YOU WILL NOT USE EXCEL.
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