You are financing a new home. The loan is for $268,000 and you are getting rate of 4.9% per year compounded monthly. You have decided on a 15-year mortgage and will make monthly payments ( end of the month). You will pay 6% down. To get the ball rolling, you are working extra hours and expect to pay an extra $375 per month to knock down the principle. You make these payments for 6 years starting on month 25. The last EXTRA payment is on month 96. Build the amortization table. What month will you make your last payment? How much will the last payment be?
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- Joseph obtained a loan of $30,000.00 at 5.90% compounded quarterly. How long (rounded up to the next payment period) will it take to settle the loan with payments of $1,400.00 at the end of every 3 months? You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 6.50% compounded monthly. How long will it take you to save the planned amount?You are financing a new home. The loan is for $281,000 and you are getting rate of 3.9% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $550 per month to knock down the principle. You make these EXTRA payments for 5 years starting on month 1. The last EXTRA payment is on month 60. Build the amortization table. What month will you make your last payment? How much will the last payment be? I Need this excel sheet please!You are ready to buy a house and you have $75,000 for a down payment and closing costs. Closing costs are estimated to be 4.5% of the loan value. You have an annual salary of $115,000. The bank is willing to allow your monthly mortgage payment to be equal to 25% of your monthly income. The annual percentage rate on the loan is 6.5% per year with monthly compounding for a 15-year fixed rate loan. Create a loan amortization table in Excel for the original problem (6.5%). Show formulas.
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