Question: do on excel and show functions please Your local bank has offered you a 20-year, $100,000 mortgage. The bank is charging 1.5 points, with processing

do on excel and show functions please

Your local bank has offered you a 20-year, $100,000 mortgage. The bank is charging 1.5 points, with "processing" costs of $750; both points and processing costs are deducted from the mortgage when it is given. The mortgage carries a 10% annual interest rate and is paid in equal monthly payments. Note that the monthly payments on the mortgage are calculated on full amount of the mortgage (that is, $100,000 ). Do not calculate annual payment since your payment is monthly. ( 12 points) a. Calculate the monthly payment on the mortgage, show the amortization table, and compute the EAIR. b. Compute the total interest paid over the during of the loan using the amortization table. c. Use Cumipmt to get the total interest paid over the duration of the loan. d. Repeat part a-c but change the loan period to 6 years and answer the following questions: 1. Will the EAIR of the mortgage change if the loan period is only 6 years? 2. Which one (20-year loan vs. 6-year loan) has higher EAIR? 3. Which one has higher total interest paid

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

i need everything to be answered on excel please and show all functions 3. Your local bank has offered you a 20-year, $100,000 mortgage. The bank is charging 1.5 points, with "processing" costs of...

Show all work in Excel please! 4. Your local bank has offered you a 20-year, $100,000 mortgage. The bank is charging 1.5 points, with "processing" costs of $750; both points and processing costs are...

PLEASE ONLY ONLY HOW TO DO IN EXCEL. NO hard coded formulas. I will rate. 10. (Mortgage + EAIR) Your local bank has offered you a 20-year, $100,000 mortgage. The bank is charging 1.5 points, with...

do on excel and show functions please 3. Your local bank has offered you a 20 -year, $100,000 mortgage. The bank is charging 1.5 points, with "processing" costs of $750; both points and processing...

PLEASE ONLY ONLY HOW TO DO IN EXCEL. NO hard coded formulas. I will rate. pu yvai, vaicurate the EAIR UI e Ill. 9. (Mortgage + EAIR + processing fee) Your local bank has offered you a 20-year,...

Please solve in Excel! Your local bank has offered you a 20-year, $100,000 mortgage. The bank is charging 1.5 points, with "processing" costs of $750; both points and processing costs are deducted...

Your local bank has offered you a 20-year, $100,000 mortgage. The bank is charging 1.5 points and processing costs of $750; both points and processing costs are deducted from the mortgage when it is...

Please show work for each part A, B, and C. It's only 1 problem with multiple parts, thank you! Your local bank has offered you a 20-year, $100,000 mortgag. The bank is charging 1.5 points when the...

10. (Mortgage + EAIR) Your local bank has offered you a 20- year, $100,000 mortgage. The bank is charging 1.5 points, with "processing" costs of $750; both points and processing costs are deducted...

10. (Mortgage EAIR) Your local bank has offered you a 20-year, $100,000 mortgage. The bank is charging 1.5 points, with "processing" costs of $750; both points and processing costs are deducted from...

Graph each system and find an approximate solution. Then choose a method and find the exact solution. List each solution as an ordered pair. a. b. c. d. e.

In a region of space, the electric field varies according to E = (0.05 N / C) sin 2000 t 0 , where t is in seconds. Find the maximum displacement current through a 1-m 2 area perpendicular to E.

Question Content Area Amortization of any net gain or loss is included in pension cost of a given year if at the a . end of the year, the cumulative net gain or loss exceeds 1 0 % of the greater of...

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

Compliant involvement: some identification with the organization, but behaviour is based on compliance. The organizational values are espoused but not owned;

Calculative involvement: based on exchange where the organization is seen as a means to an end. Employees will work spontaneously and cooperatively if this is seen as benefiting them directly, but...

Alienative involvement: a negative set of attitudes that reject the organizational values. Membership continues because of lack of alternatives. Effort is minimal.