the payments go all the way down to payment 360

Part 3 - 5 points In this part I have provided you with a loan amortization schedule for a 30-year fixed rate mortgage. I'll ask you to provide some answers in the yellow boxes to the right just because I want you to at least look at a home mortgage. The loan amortization schedule is based on your inputs to the blue boxes in the upper left-hand corner In the upper left hand corner of the third tab, insert a price for a new house under price of home (you choose the price). Provide a current annual interest rate for a 30-year fixed rate mortgage (use Google!). Provide a % down payment, at least 20%. The spreadsheet will then give you the amount financed and a monthly payment. 1. Copy the monthly payment into the budgeted payment. Scroll down the 360 payments in the table and notice that the loan will be paid off after 360 months (there may be a slight rounding error of a dollar or two). 2. Round the monthly payment up to the nearest $1,000 (even if the payment is say, $1,100, rounding up will be $2,000). In how many months will the mortgage be paid off? Provide your answers in the yellow boxes to the right. 3. Again, a budgeted payment rounding up from the minimum payment, but suppose the interest rates have increased alarmingly to 10% (your budgeted payment may rise with this higher interest rate - in my case the budgeted payment was $1,000 for part 2, but the payment for 10% was greater than $1,000 so I had to use a $2,000 budgeted payment). How many months until the loan is paid off with the 10% rate of interest? Provide your answer in the yellow boxes to the right. G H 1 1 Price of home 2 Annual interest rate 3 downgament Amount Financed is 5 Monthly Payment 6 Budgeted Payment Scooth Beginning Principal Payment of Principal Payment Ending Principal 9 10 11 12 The price of the home The current annual interest rate you used Your N downpayment 14 15 Hudgeted payment at the current rate months to payoff with budgeted payment TO 12 fudgeted payment at 10 months to payoff with budgeted payment and 10% interest 20 21 Year 1 Payment $ Payment 5 pant 5 Payment 5 Payments 5 Payment 5 Payment $ Payment 5 Payment $ Payment 10 5 Payment 11 S Payment 12 S year 2 Payment 115 Payment 14 5 Payment 15 $ 5 Payment 17 S 5 Payment 195 May 20 Payment 21 $ Hayat 22 $ Payment $ P2 2 24 25 26 27 22 10 31