New House Mortgage Calculator Loan Payment Calculator 10/1/2021 2 3 Date 4 5 6 7 8 Property Price 9 10 Down Payment Loan Amount 11 12 13 14 15 16 17 18 19 20 21 22 Rate 4.00% 4.08% 4.16% 4.24% 4.32% 4.40% 4.48% 4.56% 4.64% 4.72% 4.80% Beecher Street $ S 350,000 35,000 Rate Term in Months 180 Monthly Payment Total Interest Total Cost Varying Interest Rates and Terms Number of Months 240 4.32% 360 360 Scenarios Loan Amount Annual Interest Rate Monthly Interest Rate Loan Period in Years Loan Period in Months Start Date Monthly Payment Future Value Current Rent $ Monthly House Payment S S Bank 1 4.40% 0.37% 30 360 1/5/2022 4.56% 0.38% 30 360 1/5/2022 (1,500) $ $0.00 $1,151,573.10 1,500 S $ Bank 2 $ Bank 3 337,500 4.56% 0.38% 20 240 1/5/2022 (1,500)
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- Suppose Rachel and Nadia buy a house and have to take out a loan for $195500. If they qualify for an APR of 4% and choose a 30 year mortgage, we can find their monthly payment by using the PMT formula. If Rachel and Nadia decide to pay $1500 per month, we can use goal seek to see how many years it will take to pay off the loan. Use the PMT function and goal seek (as needed) to answer the following questions about Rachel and Nadia's mortgage. d. If they want to have monthly payments of $600 and still pay the loan off in 30 years, what interest rate would they have to qualify for?1. Rayleene is getting a loan to buy a used car from a seller on Kijiji. The price of the car is $9200.00. She has a down payment of $500.00 and is able to negotiate an interest rate of 4.5% from her bank. Rayleene is trying to decide whether to get her loan for 3 or 4 years. a. Use an online personal loan calculator to fill in the following table to help her decide: Amount of Principal Interest Rate Length of Loan 3 year loan 4 year loan Monthly Payment Total Payments (Monthly Payment x # of months) Total Cost of the Loan (Total Payments – Principal) b. Should Rayleene take her car loan out for 3 or 4 years? Why?In the Excel Payment Function file that follows, you are looking to see what your basic mortgage payment will be if you buy a home for $250,000. It will be a 30-year mortgage. The interest your bank will charge will be 7.5%. In cell C5, use the PMT function to determine what your monthly payment will be. Submit the spreadsheet in Canvas.
- Please show how to solve questions a. and b. using an excel spreadsheet, and please show the formulas for the cell inputs. Carly decides to buy a house with price of $450,000. Carly puts 20% down payment and consider a 30-year fixed rate mortgage to pay the remaining balance. The lender offers Carly two choices of the mortgage with monthly payments in the table provided. Suppose that the origination cost is $6,000. a. If Carly holds the loan for 30 years, what is the effective cost for each choice? b. How about the effective cost for each choice if the loan will only be outstanding for 5 years (60 months) (the borrower will pay off the loan at the end of 60 months)?Please show how to solve this using excel and please show all formulas in the spreadsheet please!! Steven decides to buy a house with price of $500,000, Steven puts 20% down payment and considers a 15-year fixed rate mortgage to pay the remaining balance. The lender offers him three choices of the mortgage with monthly payments shown in the table as a., b., and c. Assume that the origination cost is $8,000. A. If the loan will be outstanding for 15 years, what is the effective cost for each choice? Which choice is most ideal? explain? B. Which mortgage choices are not properly priced? explain?Please build an excel spreadsheet and show the formulas to answer a. through g. using the information below You bought a house with price of $250,000. Your LTV (loan-to-value ratio) is 80%. You choose the 30-year mortgage with interest rate 6%. Assuming the total transaction cost is $10,000. a. What is your loan amount? b. What is your monthly payment? c. What will be the loan balance at the end of nine years? d. What is the effective borrowing cost if the loan will be prepaid at the end of nine years? e. In the monthly payment, how much you pay for the principle and how much you pay for the interest in the 1st and the 2nd month? f. What will be your interest payments for the first 5 years (year 1 to year 5) and the last 5 years (year 26 to year 30)? g. What is your annual percentage rate (APR)?
- Please show all steps and formulas in an excel spreadsheet to answer a. through g. using the information below! You bought a house with price of $250,000. Your LTV (loan-to-value ratio) is 80%. You choose the 30-year mortgage with interest rate 6%. Assuming the total transaction cost is $10,000. a. What is your loan amount? b. What is your monthly payment? c. What will be the loan balance at the end of nine years? d. What is the effective borrowing cost if the loan will be prepaid at the end of nine years? e. In the monthly payment, how much you pay for the principle and how much you pay for the interest in the 1st and the 2nd month? f. What will be your interest payments for the first 5 years (year 1 to year 5) and the last 5 years (year 26 to year 30)? g. What is your annual percentage rate (APR)?In the Excel Payment Function file that follows, you are looking to see what your basic mortgage payment will be if you buy a home for $250,000. It will be a 30-year mortgage. The interest your bank will charge will be 7.5%. In cell C5, create a function that determines what your monthly payment will be.O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and interest for a... When Laura bought her house, she got her mortgage through a bank. The mortgage was a personal, amortized loan for $99,500, at an interest rate of 3.75%, with monthly payments for a term of 40 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Laura's monthly payment. (b) If Laura pays the monthly payment each month for the full term, find her total amount to repay the loan. $0 (c) If Laura pays the monthly payment each month for the full term, find the total amount of interest she will pay. $0 X Monthly Payment Formula M= P r 12 r 1- ( 1 + 12 ) - 12t
- Suppose you need to borrow $200,000 to buy a home, and you are deciding between a 15 year mortgage and a 30 year mortgage. Research a bank offering 15 year and 30 year mortgage loans and find the interest rates on those loans. Use the techniques you learned in this Module to do the following: 1. Calculate the monthly payment for a 15-year mortgage and for a 30-year mortgage. 2. Find the total amount of interest you will pay on the 15 year mortgage and on the 30 year mortgage. 3. Describe some of the factors (financial and non-financial) that can influence whether to obtain a shorter term mortgage or a longer term mortgage. 4. Which mortgage would you take, the 15 year or the 30 year? Explain your decision.The Becker family is getting a home loan to finance a $260,000 mortgage. While looking for a mortgage, they found two alternatives: Mortgage A 30-year loan with an interest rate of 3.611% and a monthly payment of $1,184. Mortgage B 15-year loan with an interest rate of 2.7% Recall: Loan Payment Formula.png| A. Calculate the total amount paid for Mortgage A. B. Calculate the total interest paid for Mortgage A. C. Calculate the monthly payment for Mortgage B. D. Calculate the total amount paid for Mortgage B. E. Calculate the total interest paid for Mortgage B. F. Write a two or more sentences giving the Becker family some advice about which mortgage to choose. G. Why might the Becker family not take your advice from part c)? Answer in one or two sentences.You own a home that was recently appraised for $330,000. The balance on your existing mortgage is $129,450. If your bank is willing to loan up to 80% of the appraised value, what is the potential amount (in $) of credit available on a home equity loan? 2$ Need Help? Master It Read It Watch It