Create an Amortization Schedule for a home that cost $259,000 with 20% down for a down-payment....

Create an Amortization Schedule for a home that cost $259,000 with 20% down for a down-payment. Do not use an online amortization schedule. Note the textbook amortization schedule is using an annual payment. Please complete a schedule for both 180 months (15 years) and 360 months (30 years). The interest rate for the year is 2.75% according to Bankrate for the area the home is in. Remember to divide your interest by 12 to get a monthly rate. How much interest will you pay over the life of each loan? You can determine this by summing all the payments and subtracting the amount borrowed.

Expert Solution

Please do rate me and mention doubts, if any, in the comments section.

jeff jeffy answered 1 year ago

Home: $180,000 with $40,000 down payment. Financed for 20 years at 6% APR. Create loan amortization...

Home: $180,000 with $40,000 down payment. Financed for 20 years at 6% APR. Create loan amortization schedule in excel for constant payment method. Rework with an extra $40 in principal Create a loan amortization schedule in excel for constant amortization method.

You want to buy a home for $259,000. You plan to pay a 10% down payment,...

You want to buy a home for $259,000. You plan to pay a 10% down payment, and take out a 30 year loan for the rest. a. How much will the loan amount be? b. What will your monthly payments be if the interest rate is 5% C. what will your monthly payments be if the interest rate is 6%?

What does an amortization schedule show? The portion of payment broken down to interest and principal...

What does an amortization schedule show? The portion of payment broken down to interest and principal The increase in loan outstanding The increase to principal The balance of interest outstanding

A residential home worth $ 1,249,000 in a town. Create an amortization schedule with 2 different...

A residential home worth $ 1,249,000 in a town. Create an amortization schedule with 2 different financing options with Excel. Complete the following steps: I. Determine a down payment. (a standard down payment is 20%) II. Research 2 different financing options (describe) III. Use Excel to create a complete amortization schedule for the lif of both financing options. IV. Write up an analysis that compares and contrasts the two financing options in detail. Please be specific. Include justifications for selecting an...

You put 20% down on a home with a purchase price of $250,000. The down payment...

You put 20% down on a home with a purchase price of $250,000. The down payment is thus $50,000, leaving a balance owed of $200,000. A bank will loan you this remaining balance at 3.91% APR. You will make monthly end-of-the-period payments with a 30-year payment schedule. What is the monthly annuity payment under this schedule?

Using your mortgage schedule spreadsheet, enter the following data: Cost of Home: $225,000 Down Payment: $15,000...

Using your mortgage schedule spreadsheet, enter the following data: Cost of Home: $225,000 Down Payment: $15,000 Annual Interest Rate: 6.960% Number of Years: 25 In addition, enter $400 as an additional principal payment for month 36 and $100 as an additional principal payment for month 75. Copy the monthly closing balance from month 52 into this question's response box AFTER you ensure that it is formatted using accounting formatting and 2 decimal places.

The price of a home is $120,000. The bank requires a 20% down payment and three...

The price of a home is $120,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 7%. a. Find the required down payment. $ b. Find the amount of the mortgage. $ c. How much must be paid for the three points at closing? $ (Round to the nearest dollar as needed.) d. Find the monthly payment (excluding escrowed taxes and...

An amortization schedule is a common concept within a banking enterprise. Create your own amortization schedule...

An amortization schedule is a common concept within a banking enterprise. Create your own amortization schedule for a $10,000 loan with monthly payments paid over two years. Assume the annual percentage rate (APR) is 4%. Create the amortization schedule within Excel or another spreadsheet application. Use page 184 as a template. Keep in mind that the example on page 184 uses annual payments, while your schedule will use monthly payments. You will need to adjust the number of payment periods...

Finance- Amortization Schedule Create the amortization schedule for a loan of $5,000, paid monthly over two...

Finance- Amortization Schedule Create the amortization schedule for a loan of $5,000, paid monthly over two years using an 8 percent APR.

Problem 5-50 Amortization Schedule (LG9) Create the amortization schedule for a loan of $4,300, paid monthly...

Problem 5-50 Amortization Schedule (LG9) Create the amortization schedule for a loan of $4,300, paid monthly over two years using an 9 percent APR. (Round your answers to 2 decimal places.) Month Beginning Balance Total Payment Interest Paid Principal Paid Ending Balance 1 2 3 4 5 6 7 ...

Question