Using Excel

Calculation question 3. (6) Assume it is 2025 and you are comfortable in your new job from which you take home $4,200.00 per month. You purchase a home, taking out a $250,000.00 mortgage. The deal is 2% annual interest for the first 24 months of your 30 year mortgage, then the rate goes to 8%. What is your initial monthly payment? ( 2% annual interest, 30 year loan, monthly payment)) Calculation question 3.b. (4) Beginning in month 25, your remaining principle on your mortgage from question 3 is $237,586.90 (yes it's true, in two years you have paid off a whopping $12413.10 of principle). At the new annual rate of 8%, what is your monthly payment for the remaining 336 payments on the new principle? ( 8% annual interest, 336 monthly payments) Calculation question 3.c. (3) After two years on the job described in question 3, your take home pay increased to $4,400.00 per month, and in addition to your house payment (calculated in 3.b.) you only have about $1,800.00 per month in other bills, so you decide to buy a car with a payment of $900.00 per month. Calculate and show how this all works out for you and your lenders