Question
In: Finance
Please show all work in order to get credit on an excel file. If you provide...
Please show all work in order to get credit on an excel file. If you provide only the answers without showing your work, I will not be able to provide any credit if your answer is wrong.
Mr. X bought a house for $293,000. He put 20% down and obtained a fully amortized monthly loan for the balance at 5.75% interest for 30 years.
a. Find the amount of X’s monthly payment.
b. Find the total interest paid by X.
c. Complete an amortization table for this loan
Solutions
Expert Solution
Question a:
Purchase price of House = $293,000
Down Payment = $293,000 * 20% = $58,600
PV = Loan Amount = Purchase price of House - Down Payment = $293,000 - $58,600 = $234,400
Interest rate per month = 5.75%/12 = 0.4791667%
n = 30 *12 = 360 months
Monthly Payment = [r * PV] / [1 - (1+r)^-n]
= [0.4791667% * $234,400] / [1 - (1+ 0.4791667%)^-360]
= $1,123.167 / 0.821091
= $1367.895
Therefore, Monthly Payment for X is $1,367.895
Question b:
Total Interest paid by X = (Months * Monthly Installment) - Loan Amount
= (360 months * $1,367.895 ) - $234,400
= $492,442.20 - $234,400
= $258,042.2
Total Interest paid by X is $258,042.2
Question c:
jeff jeffy answered 1 year agoRelated Solutions
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