This is an excel problem. The last part is using Goal Seek.

EXERCISE 1 2 Home Sale Price 3 Down Payment 4 Amount Financed $250,000.00 $25,000.00 $225,000.00 5.50% 30 360 6 Annual Rate Number of Years Financed # Monthly Payments 10 11 What are the payments? 12 What is the total of all payments? 13 How much interest will I pay? 14 How much of a down payment should I make so the payment is only $1,000 per month? 15