Question
In: Finance
Mortgage Loan Analysis: A resident in Victoria is planning to buy a new house in March...
Mortgage Loan Analysis: A resident in Victoria is planning to buy a new house in March 2018. The sale price of the house is $336,000. He plans to pay 20% down payments and borrow additional 80% from Wells Fargo with a 30-year, 4.375% fixed-rate mortgage loan. He is expected to pay an equal MONTHLY payment starting from April 2018 for a total of 30 years.
(1) Calculate the required monthly mortgage payment for Mr. Davidson.
(2) Construct the 2018~2047 amortization table for Mr. Davidson.
(1) Mr. Davidson should prepare his 2018 tax filings in early 2019. Please compute the total mortgage interest payments which he can use for his 2018 tax deductions.
Need step by step help on how to solve this on excel!
Solutions
Expert Solution
| Sale price of house | 336000 | |||||||
| Downpayment | 67,200.00 | 20%* sale price | ||||||
| Loan value | 268,800.00 | 80%*sale price | ||||||
| Interest rate | 4.375% | Annual | ||||||
| Int rate monthly | 0.365% | Annual rate/12 | ||||||
| No of periods | 360.00 | 30 years*12 | ||||||
| 1 | Monthly payment | $1,342.08 | using pmt formula with monthly payment rate and no of periods as 360 | |||||
| 2 | No of period | Initial principle | Amount paid | Interest | Principle paid | Remaining principle | Formulas used | |
| 1 | 268,800.00 | $1,342.08 | 980.00 | $362.08 | 268,437.92 | Initial principle(t)= remaining principle(t-1) | ||
| 2 | 268,437.92 | $1,342.08 | 978.68 | $363.40 | 268,074.52 | Interest = Initial principle(t)*monthly rate | ||
| 3 | 268,074.52 | $1,342.08 | 977.36 | $364.72 | 267,709.80 | principle paid = Amount paid - interest | ||
| 4 | 267,709.80 | $1,342.08 | 976.03 | $366.05 | 267,343.75 | Remaining principle(t) = Initial principle (t)-principle paid(t) | ||
| 5 | 267,343.75 | $1,342.08 | 974.69 | $367.39 | 266,976.36 | |||
| 6 | 266,976.36 | $1,342.08 | 973.35 | $368.73 | 266,607.63 | |||
| 7 | 266,607.63 | $1,342.08 | 972.01 | $370.07 | 266,237.56 | |||
| 8 | 266,237.56 | $1,342.08 | 970.66 | $371.42 | 265,866.14 | |||
| 9 | 265,866.14 | $1,342.08 | 969.30 | $372.78 | 265,493.36 | |||
| 10 | 265,493.36 | $1,342.08 | 967.94 | $374.13 | 265,119.23 | |||
| 11 | 265,119.23 | $1,342.08 | 966.58 | $375.50 | 264,743.73 | |||
| 12 | 264,743.73 | $1,342.08 | 965.21 | $376.87 | 264,366.86 | |||
| 13 | 264,366.86 | $1,342.08 | 963.84 | $378.24 | 263,988.62 | |||
| 14 | 263,988.62 | $1,342.08 | 962.46 | $379.62 | 263,609.00 | |||
| 15 | 263,609.00 | $1,342.08 | 961.07 | $381.00 | 263,228.00 | |||
| 16 | 263,228.00 | $1,342.08 | 959.69 | $382.39 | 262,845.60 | |||
| 17 | 262,845.60 | $1,342.08 | 958.29 | $383.79 | 262,461.82 | |||
| 18 | 262,461.82 | $1,342.08 | 956.89 | $385.19 | 262,076.63 | |||
| 19 | 262,076.63 | $1,342.08 | 955.49 | $386.59 | 261,690.04 | |||
| 20 | 261,690.04 | $1,342.08 | 954.08 | $388.00 | 261,302.04 | |||
| 21 | 261,302.04 | $1,342.08 | 952.66 | $389.42 | 260,912.62 | |||
| 22 | 260,912.62 | $1,342.08 | 951.24 | $390.83 | 260,521.79 | |||
| 23 | 260,521.79 | $1,342.08 | 949.82 | $392.26 | 260,129.53 | |||
| 24 | 260,129.53 | $1,342.08 | 948.39 | $393.69 | 259,735.84 | |||
| 25 | 259,735.84 | $1,342.08 | 946.95 | $395.13 | 259,340.71 | |||
| 26 | 259,340.71 | $1,342.08 | 945.51 | $396.57 | 258,944.15 | |||
| 27 | 258,944.15 | $1,342.08 | 944.07 | $398.01 | 258,546.13 | |||
| 28 | 258,546.13 | $1,342.08 | 942.62 | $399.46 | 258,146.67 | |||
| 29 | 258,146.67 | $1,342.08 | 941.16 | $400.92 | 257,745.75 | |||
| 30 | 257,745.75 | $1,342.08 | 939.70 | $402.38 | 257,343.37 | |||
| 31 | 257,343.37 | $1,342.08 | 938.23 | $403.85 | 256,939.52 | |||
| 32 | 256,939.52 | $1,342.08 | 936.76 | $405.32 | 256,534.20 | |||
| 33 | 256,534.20 | $1,342.08 | 935.28 | $406.80 | 256,127.41 | |||
| 34 | 256,127.41 | $1,342.08 | 933.80 | $408.28 | 255,719.13 | |||
| 35 | 255,719.13 | $1,342.08 | 932.31 | $409.77 | 255,309.36 | |||
| 36 | 255,309.36 | $1,342.08 | 930.82 | $411.26 | 254,898.09 | |||
| 37 | 254,898.09 | $1,342.08 | 929.32 | $412.76 | 254,485.33 | |||
| 38 | 254,485.33 | $1,342.08 | 927.81 | $414.27 | 254,071.06 | |||
| 39 | 254,071.06 | $1,342.08 | 926.30 | $415.78 | 253,655.28 | |||
| 40 | 253,655.28 | $1,342.08 | 924.78 | $417.29 | 253,237.99 | |||
| 41 | 253,237.99 | $1,342.08 | 923.26 | $418.82 | 252,819.18 | |||
| 42 | 252,819.18 | $1,342.08 | 921.74 | $420.34 | 252,398.83 | |||
| 43 | 252,398.83 | $1,342.08 | 920.20 | $421.87 | 251,976.96 | |||
| 44 | 251,976.96 | $1,342.08 | 918.67 | $423.41 | 251,553.55 | |||
| 45 | 251,553.55 | $1,342.08 | 917.12 | $424.96 | 251,128.59 | |||
| 46 | 251,128.59 | $1,342.08 | 915.57 | $426.51 | 250,702.08 | |||
| 47 | 250,702.08 | $1,342.08 | 914.02 | $428.06 | 250,274.02 | |||
| 48 | 250,274.02 | $1,342.08 | 912.46 | $429.62 | 249,844.40 | |||
| 49 | 249,844.40 | $1,342.08 | 910.89 | $431.19 | 249,413.21 | |||
| 50 | 249,413.21 | $1,342.08 | 909.32 | $432.76 | 248,980.45 | |||
| 51 | 248,980.45 | $1,342.08 | 907.74 | $434.34 | 248,546.12 | |||
| 52 | 248,546.12 | $1,342.08 | 906.16 | $435.92 | 248,110.20 | |||
| 53 | 248,110.20 | $1,342.08 | 904.57 | $437.51 | 247,672.68 | |||
| 54 | 247,672.68 | $1,342.08 | 902.97 | $439.11 | 247,233.58 | |||
| 55 | 247,233.58 | $1,342.08 | 901.37 | $440.71 | 246,792.87 | |||
| 56 | 246,792.87 | $1,342.08 | 899.77 | $442.31 | 246,350.56 | |||
| 57 | 246,350.56 | $1,342.08 | 898.15 | $443.93 | 245,906.63 | |||
| 58 | 245,906.63 | $1,342.08 | 896.53 | $445.54 | 245,461.09 | |||
| 59 | 245,461.09 | $1,342.08 | 894.91 | $447.17 | 245,013.92 | |||
| 60 | 245,013.92 | $1,342.08 | 893.28 | $448.80 | 244,565.12 | |||
| 61 | 244,565.12 | $1,342.08 | 891.64 | $450.44 | 244,114.69 | |||
| 62 | 244,114.69 | $1,342.08 | 890.00 | $452.08 | 243,662.61 | |||
| 63 | 243,662.61 | $1,342.08 | 888.35 | $453.73 | 243,208.88 | |||
| 64 | 243,208.88 | $1,342.08 | 886.70 | $455.38 | 242,753.51 | |||
| 65 | 242,753.51 | $1,342.08 | 885.04 | $457.04 | 242,296.47 | |||
| 66 | 242,296.47 | $1,342.08 | 883.37 | $458.71 | 241,837.76 | |||
| 67 | 241,837.76 | $1,342.08 | 881.70 | $460.38 | 241,377.38 | |||
| 68 | 241,377.38 | $1,342.08 | 880.02 | $462.06 | 240,915.32 | |||
| 69 | 240,915.32 | $1,342.08 | 878.34 | $463.74 | 240,451.58 | |||
| 70 | 240,451.58 | $1,342.08 | 876.65 | $465.43 | 239,986.15 | |||
| 71 | 239,986.15 | $1,342.08 | 874.95 | $467.13 | 239,519.02 | |||
| 72 | 239,519.02 | $1,342.08 | 873.25 | $468.83 | 239,050.19 | |||
| 73 | 239,050.19 | $1,342.08 | 871.54 | $470.54 | 238,579.65 | |||
| 74 | 238,579.65 | $1,342.08 | 869.82 | $472.26 | 238,107.39 | |||
| 75 | 238,107.39 | $1,342.08 | 868.10 | $473.98 | 237,633.41 | |||
| 76 | 237,633.41 | $1,342.08 | 866.37 | $475.71 | 237,157.70 | |||
| 77 | 237,157.70 | $1,342.08 | 864.64 | $477.44 | 236,680.26 | |||
| 78 | 236,680.26 | $1,342.08 | 862.90 | $479.18 | 236,201.08 | |||
| 79 | 236,201.08 | $1,342.08 | 861.15 | $480.93 | 235,720.15 | |||
| 80 | 235,720.15 | $1,342.08 | 859.40 | $482.68 | 235,237.47 | |||
| 81 | 235,237.47 | $1,342.08 | 857.64 | $484.44 | 234,753.03 | |||
| 82 | 234,753.03 | $1,342.08 | 855.87 | $486.21 | 234,266.82 | |||
| 83 | 234,266.82 | $1,342.08 | 854.10 | $487.98 | 233,778.84 | |||
| 84 | 233,778.84 | $1,342.08 | 852.32 | $489.76 | 233,289.08 | |||
| 85 | 233,289.08 | $1,342.08 | 850.53 | $491.55 | 232,797.53 | |||
| 86 | 232,797.53 | $1,342.08 | 848.74 | $493.34 | 232,304.19 | |||
| 87 | 232,304.19 | $1,342.08 | 846.94 | $495.14 | 231,809.06 | |||
| 88 | 231,809.06 | $1,342.08 | 845.14 | $496.94 | 231,312.12 | |||
| 89 | 231,312.12 | $1,342.08 | 843.33 | $498.75 | 230,813.36 | |||
| 90 | 230,813.36 | $1,342.08 | 841.51 | $500.57 | 230,312.79 | |||
| 91 | 230,312.79 | $1,342.08 | 839.68 | $502.40 | 229,810.39 | |||
| 92 | 229,810.39 | $1,342.08 | 837.85 | $504.23 | 229,306.16 | |||
| 93 | 229,306.16 | $1,342.08 | 836.01 | $506.07 | 228,800.10 | |||
| 94 | 228,800.10 | $1,342.08 | 834.17 | $507.91 | 228,292.19 | |||
| 95 | 228,292.19 | $1,342.08 | 832.32 | $509.76 | 227,782.42 | |||
| 96 | 227,782.42 | $1,342.08 | 830.46 | $511.62 | 227,270.80 | |||
| 97 | 227,270.80 | $1,342.08 | 828.59 | $513.49 | 226,757.31 | |||
| 98 | 226,757.31 | $1,342.08 | 826.72 | $515.36 | 226,241.95 | |||
| 99 | 226,241.95 | $1,342.08 | 824.84 | $517.24 | 225,724.72 | |||
| 100 | 225,724.72 | $1,342.08 | 822.95 | $519.12 | 225,205.59 | |||
| 101 | 225,205.59 | $1,342.08 | 821.06 | $521.02 | 224,684.58 | |||
| 102 | 224,684.58 | $1,342.08 | 819.16 | $522.92 | 224,161.66 | |||
| 103 | 224,161.66 | $1,342.08 | 817.26 | $524.82 | 223,636.84 | |||
| 104 | 223,636.84 | $1,342.08 | 815.34 | $526.74 | 223,110.10 | |||
| 105 | 223,110.10 | $1,342.08 | 813.42 | $528.66 | 222,581.44 | |||
| 106 | 222,581.44 | $1,342.08 | 811.49 | $530.58 | 222,050.86 | |||
| 107 | 222,050.86 | $1,342.08 | 809.56 | $532.52 | 221,518.34 | |||
| 108 | 221,518.34 | $1,342.08 | 807.62 | $534.46 | 220,983.88 | |||
| 109 | 220,983.88 | $1,342.08 | 805.67 | $536.41 | 220,447.47 | |||
| 110 | 220,447.47 | $1,342.08 | 803.71 | $538.36 | 219,909.11 | |||
| 111 | 219,909.11 | $1,342.08 | 801.75 | $540.33 | 219,368.78 | |||
| 112 | 219,368.78 | $1,342.08 | 799.78 | $542.30 | 218,826.49 | |||
| 113 | 218,826.49 | $1,342.08 | 797.80 | $544.27 | 218,282.21 | |||
| 114 | 218,282.21 | $1,342.08 | 795.82 | $546.26 | 217,735.95 | |||
| 115 | 217,735.95 | $1,342.08 | 793.83 | $548.25 | 217,187.70 | |||
| 116 | 217,187.70 | $1,342.08 | 791.83 | $550.25 | 216,637.45 | |||
| 117 | 216,637.45 | $1,342.08 | 789.82 | $552.25 | 216,085.20 | |||
| 118 | 216,085.20 | $1,342.08 | 787.81 | $554.27 | 215,530.93 | |||
| 119 | 215,530.93 | $1,342.08 | 785.79 | $556.29 | 214,974.64 | |||
| 120 | 214,974.64 | $1,342.08 | 783.76 | $558.32 | 214,416.33 | |||
| 121 | 214,416.33 | $1,342.08 | 781.73 | $560.35 | 213,855.97 | |||
| 122 | 213,855.97 | $1,342.08 | 779.68 | $562.40 | 213,293.58 | |||
| 123 | 213,293.58 | $1,342.08 | 777.63 | $564.45 | 212,729.13 | |||
| 124 | 212,729.13 | $1,342.08 | 775.57 | $566.50 | 212,162.63 | |||
| 125 | 212,162.63 | $1,342.08 | 773.51 | $568.57 | 211,594.06 | |||
| 126 | 211,594.06 | $1,342.08 | 771.44 | $570.64 | 211,023.42 | |||
| 127 | 211,023.42 | $1,342.08 | 769.36 | $572.72 | 210,450.69 | |||
| 128 | 210,450.69 | $1,342.08 | 767.27 | $574.81 | 209,875.88 | |||
| 129 | 209,875.88 | $1,342.08 | 765.17 | $576.91 | 209,298.98 | |||
| 130 | 209,298.98 | $1,342.08 | 763.07 | $579.01 | 208,719.97 | |||
| 131 | 208,719.97 | $1,342.08 | 760.96 | $581.12 | 208,138.85 | |||
| 132 | 208,138.85 | $1,342.08 | 758.84 | $583.24 | 207,555.61 | |||
| 133 | 207,555.61 | $1,342.08 | 756.71 | $585.37 | 206,970.24 | |||
| 134 | 206,970.24 | $1,342.08 | 754.58 | $587.50 | 206,382.74 | |||
| 135 | 206,382.74 | $1,342.08 | 752.44 | $589.64 | 205,793.10 | |||
| 136 | 205,793.10 | $1,342.08 | 750.29 | $591.79 | 205,201.31 | |||
| 137 | 205,201.31 | $1,342.08 | 748.13 | $593.95 | 204,607.36 | |||
| 138 | 204,607.36 | $1,342.08 | 745.96 | $596.11 | 204,011.25 | |||
| 139 | 204,011.25 | $1,342.08 | 743.79 | $598.29 | 203,412.96 | |||
| 140 | 203,412.96 | $1,342.08 | 741.61 | $600.47 | 202,812.49 | |||
| 141 | 202,812.49 | $1,342.08 | 739.42 | $602.66 | 202,209.83 | |||
| 142 | 202,209.83 | $1,342.08 | 737.22 | $604.86 | 201,604.98 | |||
| 143 | 201,604.98 | $1,342.08 | 735.02 | $607.06 | 200,997.92 | |||
| 144 | 200,997.92 | $1,342.08 | 732.80 | $609.27 | 200,388.64 | |||
| 145 | 200,388.64 | $1,342.08 | 730.58 | $611.50 | 199,777.15 | |||
| 146 | 199,777.15 | $1,342.08 | 728.35 | $613.72 | 199,163.42 | |||
| 147 | 199,163.42 | $1,342.08 | 726.12 | $615.96 | 198,547.46 | |||
| 148 | 198,547.46 | $1,342.08 | 723.87 | $618.21 | 197,929.25 | |||
| 149 | 197,929.25 | $1,342.08 | 721.62 | $620.46 | 197,308.79 | |||
| 150 | 197,308.79 | $1,342.08 | 719.35 | $622.72 | 196,686.07 | |||
| 151 | 196,686.07 | $1,342.08 | 717.08 | $624.99 | 196,061.07 | |||
| 152 | 196,061.07 | $1,342.08 | 714.81 | $627.27 | 195,433.80 | |||
| 153 | 195,433.80 | $1,342.08 | 712.52 | $629.56 | 194,804.24 | |||
| 154 | 194,804.24 | $1,342.08 | 710.22 | $631.85 | 194,172.38 | |||
| 155 | 194,172.38 | $1,342.08 | 707.92 | $634.16 | 193,538.23 | |||
| 156 | 193,538.23 | $1,342.08 | 705.61 | $636.47 | 192,901.76 | |||
| 157 | 192,901.76 | $1,342.08 | 703.29 | $638.79 | 192,262.96 | |||
| 158 | 192,262.96 | $1,342.08 | 700.96 | $641.12 | 191,621.84 | |||
| 159 | 191,621.84 | $1,342.08 | 698.62 | $643.46 | 190,978.39 | |||
| 160 | 190,978.39 | $1,342.08 | 696.28 | $645.80 | 190,332.58 | |||
| 161 | 190,332.58 | $1,342.08 | 693.92 | $648.16 | 189,684.43 | |||
| 162 | 189,684.43 | $1,342.08 | 691.56 | $650.52 | 189,033.90 | |||
| 163 | 189,033.90 | $1,342.08 | 689.19 | $652.89 | 188,381.01 | |||
| 164 | 188,381.01 | $1,342.08 | 686.81 | $655.27 | 187,725.74 | |||
| 165 | 187,725.74 | $1,342.08 | 684.42 | $657.66 | 187,068.08 | |||
| 166 | 187,068.08 | $1,342.08 | 682.02 | $660.06 | 186,408.02 | |||
| 167 | 186,408.02 | $1,342.08 | 679.61 | $662.47 | 185,745.55 | |||
| 168 | 185,745.55 | $1,342.08 | 677.20 | $664.88 | 185,080.67 | |||
| 169 | 185,080.67 | $1,342.08 | 674.77 | $667.31 | 184,413.36 | |||
| 170 | 184,413.36 | $1,342.08 | 672.34 | $669.74 | 183,743.63 | |||
| 171 | 183,743.63 | $1,342.08 | 669.90 | $672.18 | 183,071.45 | |||
| 172 | 183,071.45 | $1,342.08 | 667.45 | $674.63 | 182,396.81 | |||
| 173 | 182,396.81 | $1,342.08 | 664.99 | $677.09 | 181,719.72 | |||
| 174 | 181,719.72 | $1,342.08 | 662.52 | $679.56 | 181,040.16 | |||
| 175 | 181,040.16 | $1,342.08 | 660.04 | $682.04 | 180,358.13 | |||
| 176 | 180,358.13 | $1,342.08 | 657.56 | $684.52 | 179,673.61 | |||
| 177 | 179,673.61 | $1,342.08 | 655.06 | $687.02 | 178,986.59 | |||
| 178 | 178,986.59 | $1,342.08 | 652.56 | $689.52 | 178,297.06 | |||
| 179 | 178,297.06 | $1,342.08 | 650.04 | $692.04 | 177,605.03 | |||
| 180 | 177,605.03 | $1,342.08 | 647.52 | $694.56 | 176,910.47 | |||
| 181 | 176,910.47 | $1,342.08 | 644.99 | $697.09 | 176,213.37 | |||
| 182 | 176,213.37 | $1,342.08 | 642.44 | $699.63 | 175,513.74 | |||
| 183 | 175,513.74 | $1,342.08 | 639.89 | $702.18 | 174,811.55 | |||
| 184 | 174,811.55 | $1,342.08 | 637.33 | $704.74 | 174,106.81 | |||
| 185 | 174,106.81 | $1,342.08 | 634.76 | $707.31 | 173,399.49 | |||
| 186 | 173,399.49 | $1,342.08 | 632.19 | $709.89 | 172,689.60 | |||
| 187 | 172,689.60 | $1,342.08 | 629.60 | $712.48 | 171,977.12 | |||
| 188 | 171,977.12 | $1,342.08 | 627.00 | $715.08 | 171,262.04 | |||
| 189 | 171,262.04 | $1,342.08 | 624.39 | $717.69 | 170,544.35 | |||
| 190 | 170,544.35 | $1,342.08 | 621.78 | $720.30 | 169,824.05 | |||
| 191 | 169,824.05 | $1,342.08 | 619.15 | $722.93 | 169,101.12 | |||
| 192 | 169,101.12 | $1,342.08 | 616.51 | $725.56 | 168,375.56 | |||
| 193 | 168,375.56 | $1,342.08 | 613.87 | $728.21 | 167,647.35 | |||
| 194 | 167,647.35 | $1,342.08 | 611.21 | $730.86 | 166,916.49 | |||
| 195 | 166,916.49 | $1,342.08 | 608.55 | $733.53 | 166,182.96 | |||
| 196 | 166,182.96 | $1,342.08 | 605.88 | $736.20 | 165,446.75 | |||
| 197 | 165,446.75 | $1,342.08 | 603.19 | $738.89 | 164,707.87 | |||
| 198 | 164,707.87 | $1,342.08 | 600.50 | $741.58 | 163,966.28 | |||
| 199 | 163,966.28 | $1,342.08 | 597.79 | $744.29 | 163,222.00 | |||
| 200 | 163,222.00 | $1,342.08 | 595.08 | $747.00 | 162,475.00 | |||
| 201 | 162,475.00 | $1,342.08 | 592.36 | $749.72 | 161,725.28 | |||
| 202 | 161,725.28 | $1,342.08 | 589.62 | $752.46 | 160,972.82 | |||
| 203 | 160,972.82 | $1,342.08 | 586.88 | $755.20 | 160,217.62 | |||
| 204 | 160,217.62 | $1,342.08 | 584.13 | $757.95 | 159,459.67 | |||
| 205 | 159,459.67 | $1,342.08 | 581.36 | $760.72 | 158,698.96 | |||
| 206 | 158,698.96 | $1,342.08 | 578.59 | $763.49 | 157,935.47 | |||
| 207 | 157,935.47 | $1,342.08 | 575.81 | $766.27 | 157,169.20 | |||
| 208 | 157,169.20 | $1,342.08 | 573.01 | $769.07 | 156,400.13 | |||
| 209 | 156,400.13 | $1,342.08 | 570.21 | $771.87 | 155,628.26 | |||
| 210 | 155,628.26 | $1,342.08 | 567.39 | $774.68 | 154,853.58 | |||
| 211 | 154,853.58 | $1,342.08 | 564.57 | $777.51 | 154,076.07 | |||
| 212 | 154,076.07 | $1,342.08 | 561.74 | $780.34 | 153,295.72 | |||
| 213 | 153,295.72 | $1,342.08 | 558.89 | $783.19 | 152,512.54 | |||
| 214 | 152,512.54 | $1,342.08 | 556.04 | $786.04 | 151,726.49 | |||
| 215 | 151,726.49 | $1,342.08 | 553.17 | $788.91 | 150,937.58 | |||
| 216 | 150,937.58 | $1,342.08 | 550.29 | $791.79 | 150,145.80 | |||
| 217 | 150,145.80 | $1,342.08 | 547.41 | $794.67 | 149,351.13 | |||
| 218 | 149,351.13 | $1,342.08 | 544.51 | $797.57 | 148,553.56 | |||
| 219 | 148,553.56 | $1,342.08 | 541.60 | $800.48 | 147,753.08 | |||
| 220 | 147,753.08 | $1,342.08 | 538.68 | $803.40 | 146,949.68 | |||
| 221 | 146,949.68 | $1,342.08 | 535.75 | $806.32 | 146,143.36 | |||
| 222 | 146,143.36 | $1,342.08 | 532.81 | $809.26 | 145,334.09 | |||
| 223 | 145,334.09 | $1,342.08 | 529.86 | $812.21 | 144,521.88 | |||
| 224 | 144,521.88 | $1,342.08 | 526.90 | $815.18 | 143,706.70 | |||
| 225 | 143,706.70 | $1,342.08 | 523.93 | $818.15 | 142,888.56 | |||
| 226 | 142,888.56 | $1,342.08 | 520.95 | $821.13 | 142,067.42 | |||
| 227 | 142,067.42 | $1,342.08 | 517.95 | $824.12 | 141,243.30 | |||
| 359 | 2,669.55 | $1,342.08 | 9.73 | $1,332.35 | 1,337.20 | |||
| 360 | 1,337.20 | $1,342.08 | 4.88 | $1,337.20 | 0.00 | |||
jeff jeffy answered 3 years agoRelated Solutions
Mortgage Loan Analysis: A resident in Victoria is planning to buy a new house in March...
Mortgage Loan Analysis: A resident in Victoria
is planning to buy a new house in March 2018. The sale price of the
house is $336,000. He plans to pay 20% down payments and borrow
additional 80% from Wells Fargo with a 30-year, 4.375% fixed-rate
mortgage loan. He is expected to pay an equal MONTHLY payment
starting from April 2018 for a total of 30 years.
(1) Calculate the required monthly
mortgage payment for Mr. Davidson.
(2) Construct the 2018~2047
amortization...
: Mortgage Loan Analysis: A resident in Victoria is planning to buy a new house in...
: Mortgage Loan Analysis: A resident in
Victoria is planning to buy a new house in March 2018. The sale
price of the house is $336,000. He plans to pay 20% down payments
and borrow additional 80% from Wells Fargo with a 30-year, 4.375%
fixed-rate mortgage loan. He is expected to pay an equal MONTHLY
payment starting from April 2018 for a total of 30 years.
(1) Calculate the required monthly
mortgage payment for Mr. Davidson.
(2) Construct the 2018~2047...
Mortgage Loan Analysis: Mr. Davidson plans to buy a new house at Sugar Land in June...
Mortgage Loan Analysis: Mr. Davidson plans to
buy a new house at Sugar Land in June 2019. The sale price of the
house is $500,000. He plans to pay 20% down payments and borrow
additional 80% from Bank of America with a 30-year, 3.875%
fixed-rate mortgage loan. He is expected to pay an equal MONTHLY
payment starting from July 2019 for a total of 30 years.
(1) Calculate the required monthly
payment for Mr. Davidson.
(2) Construct 2019~2021 amortization
table...
You decide to buy a house for a total of $214452. To get a mortgage loan,...
You decide to buy a house for a total of $214452. To get a
mortgage loan, you make a 10% down payment, and the bank will lend
you the rest. The interest rate quoted for this loan is 5% APR, and
the loan will be paid (and interest compounded) every month, for
the next 30 years. How much is the TOTAL monthly payment for this
mortgage?
You are planning to buy a house appraised for $350,000 and finance it through a mortgage...
You are planning to buy a house appraised for $350,000 and
finance it through a mortgage of $300,000. What is the
loan-to-value ratio and is it be above or below the normal cutoff
set by your lender of 80 percent for a prime mortgage? Being
securely employed, your take-home pay is $2,300 per month and you
have no substantial other debts. Your lender has offered you a 2.5
percent, 30 year, fixed-rate mortgage. What is the amount that you
will...
On March 1, you borrow $239,000 to buy a house. The mortgage rate is 7.75%. The...
On March 1, you borrow $239,000 to buy a house. The mortgage
rate is 7.75%. The loan is to be repaid in equal monthly payments
over 20 years. The first payment is due on April 1. How much of the
third payment applies to the principal balance? (Assume that each
month is equal to 1/12 of a summer).
1.You decide to buy a house for a total of $198842. To get a mortgage loan,...
1.You decide to buy a house for a total of $198842. To get a
mortgage loan, you make a 10% down payment, and the bank will lend
you the rest. The interest rate quoted for this loan is 6% APR, and
the loan will be paid (and interest compounded) every month, for
the next 30 years. How much is the TOTAL monthly payment for this
mortgage?
2.A company has $96 million in outstanding bonds, and 10 million
shares of stock...
You have borrowed $56000 as a mortgage loan to buy a house. The bank will charge...
You have borrowed $56000 as a mortgage loan to buy a house. The
bank will charge interest at the rate of 9% annually and requires a
minimum monthly payment of $500. At the end of five years, you must
pay off the entire mortgage by a “balloon payment”. You plan to pay
only the minimum amount each month and then pay off the loan with
the final payment. Find this balloon payment. (Answer:
$49966.07)
please answer in excel format
You borrow $149000 to buy a house. The mortgage rate is 7.5% and the loan period...
You borrow $149000 to buy a house. The mortgage rate is 7.5% and
the loan period is 30 years. Payments are made monthly. What is the
monthly mortgage payment.
The bank has agreed to give you a mortgage for $400,000 to buy a new house....
The bank has agreed to give you a mortgage for $400,000 to buy a
new house. Current mortgage rates have an APR of 4% compounded
semi-annually for a term of 25 years. How much interest will you
pay in total over the life of the loan?
Select one:
a. $121,433.25
b. $143,645.25
c. $231,224.25
d. $237,378.25
e. None of the above.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Question 2 : Aggregate Scores: Write a program that opens 2 files, quiz.txt, and hw.txt. The...
- Define the term symbiosis specifically as it applies in a biological context. Compare and contrast parasitism,...
- A research team conducted a study showing that approximately 20% of all businessmen who wear ties...
- Research the internet for companies that have executed data science projects. Pick one company and describe...
- Explain two theories or frameworks for understanding how Western Europe emerged out of 1,000 years of...
- Two cannons are mounted as shown in the drawing and rigged to fire simultaneously. They are...
- What is the potential of a cell made up of Zn|Zn2+ and Cu|Cu2+ half-cells at 25o...
ADVERTISEMENT