• 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.
• Assume that you will finance 70% of the asking price of the home. The asking price of my chosen home is about 100, 000 US dollars in Romulus, Michigan with a 30% initial deposit and the remaining 70% can be financed through a bank. The annual interest rate is 2.232% payable for 10 years terms. (https://www.zillow.com/homedetails/35815-Cypress-St-Romulus-MI-48174/88472571_zpid/)

  - the interest rate i chose was 2.232%

• Using an initial principal of 70% of the purchase price, the interest rate of 2.232%, and as many payments as necessary to make your balance $0 create an amortization table for the loan . Label your columns month, payment (keep in mind your payment should be an additional $350 each month), applied to interest, applied to principal, and remaining principal. You must use a spreadsheet and not a website. (Watch the video to get all of the tips and tricks to creating this excel document)

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1. In 2-3 sentences state the details of the home you have chosen. Include the address, asking price (the asking price is 100,000$), and the initial principal. Provide the work for finding the initial principal of 70% of the asking price.
2. Calculate the monthly payment using the formula outlined in section 4.2, remember this time you have decided to pay an additional $350 to pay off the loan faster. Show your work.
3. Using your spread sheet determine the total amount paid for the loan and the amount of interest you would pay for the loan by paying $350 extra each month.
4. Using your spread sheet determine how many payments you would need to make in order for your balance to be $0. How many fewer payments would this be compared to the number of payments in project 3.
5. Compare your answers in project 3 and project 4 for question 3. How much do you save by paying $350 more each month? Explain in 1-2 sentences how you arrived at your answer. (If you didn't complete Project #3 you will need to calculate the need information from the previous project to be able to compare.)

from project 3: I will be paying a total of $ 77,515.78 pus the total interest of $ 8,167.18 for 120 months. The monthly interest is 0.00186%.