Toby Briggs is considering to use the money he won at a recent golf tournament to buy himself a house. Please answer the following questions related to the home purchase. Show all your work. You can use calculators and excel to check your results, but you must understand the basic calculations and show this. The house is listed for $1,400,000.

A. If the typical down payment for a 30-year fixed rate loan is 20%, how much money does Toby need to put down to purchase this house?

B. Given that Toby puts 20% into the house as down payment, how much would the mortgage payment be per month given that the interest rate is 2.99% and the loan is a fixed-rate 30 year mortgage

C. Toby has been given by Titleist a sponsorship that pays him $150,000 per year in income. how much of a monthly mortgage can Toby afford to take? Does he qualify to buy this house?

D. Toby is unsure whether to buy the house or rent an apartment. Please make a table of the pros of buying a house versus renting?

E. If you had bought a house in the following cities from 1999 to 2020, the house appreciation was the following. Also, the returns from investing in various other financial instruments is listed. Based on this information, was it better to buy a house or invest in the stock market? (Note: Think carefully about this, since you want to consider the opportunity cost of the money put aside, plus other concerns).

Average Housing Appreciation in Various Cities in the United States along with Other Investments Average Housing Appreciation in Various Cities in the United States along with Other Investments