Research: Th eo to len leiding 1) You will find a home for sale in the Metropolitan Detroit area that you would like to buy. You can be realistic or make an aspirational choice, the cost must be at least $20,000 and no more than $250,000. A Record the asking price of the home. O bomo /3) Record where you found the house for sale in the citations. If it is on the MLS system, then record the MLS number. Note: Typically, when buying a house there is some negotiation involved. There are also fees to make sure the property is actually owned by the seller, fees to the company issuing the mortgage, fees to an appraiser, fees to the county and so on. For the purpose of this project we will assume that the seller has agreed to pick up the fees and that you agree to pay the asking price. 4) Assume that you will finance 80% of the asking price of the home. Find a bank that is offering both 30-year fixed rate loans and 15-year fixed rate loans with 0 points. 5) Record the rates. 6) Record where you found the rates and the date on which you found them in your citations. 7) Assume that it took you 10 years to save your down payment on the home. Note that you are financing 80% of the asking price of the home, so you saved 20% of the asking price of the home for the down payment. Find a bank that offers a competitive savings account 8) Record the APR. If the bank only displays the APY you may do a web search for "APY to APR calculator" that will compute the APR for you ! 9) Record where you found the APR and the date on which you found it in your citations. 10) If you utilized an APR calculator, record where you found the calculator in your citations. /11) Make sure you include EVERYTHING in the following "Work to Include" sections below for Part 1, Part 2, and Part 3 Work to Include: Answer ALL of the following (except the tables) in paragraphs with complete sentences: PARTI: Saving for the Down Payment 1. Using 20% of the purchase price as the down payment, how much is the down payment for the home you have chosen. Include your equation with your answer in a sentence. What bank did you choose? What rate did it report? Is this an APR or an APY? If it is an APY. what website did you use to convert the APY to an APR? What is the APR? Using your down payment as the goal, 10 years as the time it took you to reach your goal. and the APR for the savings account that you found, compute the monthly deposits that were made into the savings account each month to reach the goal of 20% of the purchase price for the down payment. Include your equation with your final answer in a sentence. Research: Th eo to len leiding 1) You will find a home for sale in the Metropolitan Detroit area that you would like to buy. You can be realistic or make an aspirational choice, the cost must be at least $20,000 and no more than $250,000. A Record the asking price of the home. O bomo /3) Record where you found the house for sale in the citations. If it is on the MLS system, then record the MLS number. Note: Typically, when buying a house there is some negotiation involved. There are also fees to make sure the property is actually owned by the seller, fees to the company issuing the mortgage, fees to an appraiser, fees to the county and so on. For the purpose of this project we will assume that the seller has agreed to pick up the fees and that you agree to pay the asking price. 4) Assume that you will finance 80% of the asking price of the home. Find a bank that is offering both 30-year fixed rate loans and 15-year fixed rate loans with 0 points. 5) Record the rates. 6) Record where you found the rates and the date on which you found them in your citations. 7) Assume that it took you 10 years to save your down payment on the home. Note that you are financing 80% of the asking price of the home, so you saved 20% of the asking price of the home for the down payment. Find a bank that offers a competitive savings account 8) Record the APR. If the bank only displays the APY you may do a web search for "APY to APR calculator" that will compute the APR for you ! 9) Record where you found the APR and the date on which you found it in your citations. 10) If you utilized an APR calculator, record where you found the calculator in your citations. /11) Make sure you include EVERYTHING in the following "Work to Include" sections below for Part 1, Part 2, and Part 3 Work to Include: Answer ALL of the following (except the tables) in paragraphs with complete sentences: PARTI: Saving for the Down Payment 1. Using 20% of the purchase price as the down payment, how much is the down payment for the home you have chosen. Include your equation with your answer in a sentence. What bank did you choose? What rate did it report? Is this an APR or an APY? If it is an APY. what website did you use to convert the APY to an APR? What is the APR? Using your down payment as the goal, 10 years as the time it took you to reach your goal. and the APR for the savings account that you found, compute the monthly deposits that were made into the savings account each month to reach the goal of 20% of the purchase price for the down payment. Include your equation with your final answer in a sentence