Question: 2. Nick is purchasing a condominium that he plans to rent. He negotiated a price of $85,000 and the bank is requiring a 30% down

2. Nick is purchasing a condominium that he plans to rent. He negotiated a price of $85,000 and the bank is requiring a 30% down payment. The balance is financed with a 30-year fixed-rate mortgage at 3.95% a. Find the required down payment. b. Find the amount of the loan. C. Find the monthly payment for the loan. d. Find the total interest paid over 30 years e. Nick is going to rent his condominium and wants the tenant to pay the mortgage payment. He would also like to add a little more to the payment to cover damages. How much will he have to add to the monthly payment so that he will make $1,500 additional per year from this rental? (He is not earning interest on this money.) What is the total amount he should charge for rent? f. Make an amortization schedule for the first 3 months APR: % Amount of Loan: $ Monthly Payment Amount $ Number of Monthly Payments: = 0.0395 I= Pr (1/2) Previous belance P Pmt-I Principal Payment P Interest Payment 1 Balance of loan Total Payment OME Payment Number 2 3

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