Your clients, John and Sheila James, have a joint income of $130,000.00 annually. Their take home pay is estimated at 0.67 of this amount. The James would like to purchase a home in 24 months and the bank is offering a loan at 7.50% annually, with approval contingent on the monthly payment not exceeding 25% of their monthly net. The home the James like is priced at $250,000.00. The bank offers an investment account returning 6% annually, compounded monthly. How much must the James deposit at the end of each of the next 24 months to bridge the difference between what they can borrow against their income and the price of the house? Property taxes are estimated at $4,200 per year, and mortgage insurance at $1,400 per year.

**Provide amortization schedule (proof schedule) consisting of 360 months in Excel

**Provide formulas to Excel functions

Home price:	$250,000.00
Amount financed:
Difference:
Monthly Deposit Required:
Months required to reduce balance to $90,000:
Balance at 120 months:

Monthly rate:
Monthly Re tx:
Monthly ins:
25% threshold:
PI threshold:
Amount financed:

Proof Schedule

Date	Interest	Pmt	Amt	Balance
0
1
2
-