A B F G H D E 1 Remember, your work must be clear and easy to follow. Make good use of labels for your work. It should be clear to me what each part of the calculation 2 is trying to solve. This is an excel document, so you can add extra rows under each part if you think you need more space to show your work. Don't 3 forget your units! ($) 4 5 6 You are buying a house. Congratulations. The house costs $250,000. You till take out a 30 year amortized loan at 76% annual interest, after paying points. You are paying 4% points and you must put 20% down. Your closing costs are $3,200. 8 9 1. What is the amount of the cashier's check that you must bring with you to the closing? 10 11 12 13 14 15 16 17 18 2. What will your monthly loan payment be? (Please show all of your work.) 19 20 21 22 23 24 25 3. If your house insurance is $120/month and your taxes are $280/month, what will your monthly house payment be? 26 27 28 29 30 31 33 32 4. You decided to pay extra on the principal each month, in order to pay off your house earlier. Your monthly loan payment will be $1500. What will your house payment be if house insurance is $120/month and your taxes are $280/month? 34 35 36 38 39 5. Please fill out the amortization schedule below, using the $1,500 payment amount above. 40 41 42 43 AMOUNT AMOUNT 44 PAID IN PAID ON 45 MONTH PAYMENT INTEREST PRINCIPAL BALANCE 0 46 1 47 2 48 3 49 4 50 51 52 Work for amortization chart - Work must be clear and easy to follow for full credit. 53