Scenario 1 (Questions 1-4): Imagine that you are a first-time home buyer. You find a nice home in a good location for $163.125. You have a down payment of 20% (which is $32,625) and you decide on a 30-year fixed rate loan. This means that you need to borrow $130,500 You shop around and learn that you qualify for an interest rate of 4.8%. Your monthly mortgage payments will begin next year on January 15 Use the loan amortization template Excel sheet to answer the questions by entering the above amounts indicated in each question in cells D5- D8 From cell HS in the Excel file, what is your scheduled monthly payment on a $130,500 loan at 4.8% over 30 years? (Enter dollars and cents as numbers only, no dollar sign or commas. For example, if your answer is $576.82, enter 576.82) QUESTION 2 From row 18 in the Excel file, look at the first payment you'll make How much of the payment poes toward interest? (Enter dollars and cents as numbers only, no dollar sign or commas) QUESTIONS From cell H9, what is the total interest that will be made from all the payments? Enter dollars and cents as numbers only, no dollar sign or Find the total interest that will be made from all the payments in cell H9. Add total interest to the purchase price of the home. Considering total interest paid, what is the total cost of the home? (Enter dollars and cents as numbers only, no dollar sign or commas.) QUESTIONS Scenario 2 (Questions 5.7): Now, you want some cash to buy some new furniture and carpeting for your home. So you choose to make a down payment of only 10% rather than 20%. Change the loan amortization schedule so now you borrow $147.000 Leave all other entries the same From cell HS in the Excel file, what is your scheduled monthly payment on a $147.000 loan at 48% over 30 years? (Enter dollars and cents as numbers only, no dollar sign or commas. For example, if your answer is 562245, enter 622.45) QUESTION 6 a dollars or From cell H9, what is the total interest that will be made from all the payments? (Enter dollars and cents as umbers only Scenario 1 (Questions 1-4): Imagine that you are a first-time home buyer. You find a nice home in a good location for $163.125. You have a down payment of 20% (which is $32,625) and you decide on a 30-year fixed rate loan. This means that you need to borrow $130,500 You shop around and learn that you qualify for an interest rate of 4.8%. Your monthly mortgage payments will begin next year on January 15 Use the loan amortization template Excel sheet to answer the questions by entering the above amounts indicated in each question in cells D5- D8 From cell HS in the Excel file, what is your scheduled monthly payment on a $130,500 loan at 4.8% over 30 years? (Enter dollars and cents as numbers only, no dollar sign or commas. For example, if your answer is $576.82, enter 576.82) QUESTION 2 From row 18 in the Excel file, look at the first payment you'll make How much of the payment poes toward interest? (Enter dollars and cents as numbers only, no dollar sign or commas) QUESTIONS From cell H9, what is the total interest that will be made from all the payments? Enter dollars and cents as numbers only, no dollar sign or Find the total interest that will be made from all the payments in cell H9. Add total interest to the purchase price of the home. Considering total interest paid, what is the total cost of the home? (Enter dollars and cents as numbers only, no dollar sign or commas.) QUESTIONS Scenario 2 (Questions 5.7): Now, you want some cash to buy some new furniture and carpeting for your home. So you choose to make a down payment of only 10% rather than 20%. Change the loan amortization schedule so now you borrow $147.000 Leave all other entries the same From cell HS in the Excel file, what is your scheduled monthly payment on a $147.000 loan at 48% over 30 years? (Enter dollars and cents as numbers only, no dollar sign or commas. For example, if your answer is 562245, enter 622.45) QUESTION 6 a dollars or From cell H9, what is the total interest that will be made from all the payments? (Enter dollars and cents as umbers only
