Question: How do I solve for F, please use excel and show formula like I did, THANK YOU. John Doe has just been offered a home



How do I solve for F, please use excel and show formula like I did, THANK YOU.
John Doe has just been offered a home loan towards purchase of house that is being sold for $240,000 He will be required to make a 5% down payment, as well as mortgage processing fees and closing costs of $5,000. The loan has to be paid off in monthly payments over a 30-year period at a fixed interest rate of 6% per year compounded monthly He will also be required to pay an additional S 192 per month as mortgage insurance. Using Excel, answer the following questions The monthly mortgage payment is $ 1367 (enter as a positive number to the nearest dollar) The total monthly payment is $ 1559 (enter as a positive number to the nearest dollar) The nominal APR is 7 50 % (to the nearest 2 decimal places) The effective APR is 7.76 % (to the nearest 2 decimal places) (a) (b) (c) (d) Over the 30-year period, the total amount of interest paid on the loan is $ 264111 (enter as a positive number to the nearest dollar) (e) The interest amount in the month 60 payment is $ 1062 (enter as a positive number to the nearest dollar) The principal amount in the month 60 payment is $ 305 (enter as a positive number to the nearest dollar) (0) The balance on the loan immediately after making the payment at the end of month 60 is s134461 (enter as a positive number to the nearest dollar) Function Library D30 Variable Home purchase price Downpayment (%) Value 240000 5% 12000 6% 30 -5000 192 Mortgage interest rate Term of the loan Fees and closing costs Mortgage insurance years per month 10 12 Loan Amount Monthly Loan Payment Total Monthly Payment 228000 $1,366.98 16 17 18 19 20 Compute the APR Net Initial Cash Flow Total Monthly APR Effective APR 223000 ($1,558 98) 7 50% 7.76% 23 24 25 26 27 Over Life of Mortgage Total Payments Total Interest Paid (S492,111 07) (07) ($264.111 29 Principal and Interest components Month 60 (S1,062.34 (S304.63 Principal Component 34 35 Sheet1 ady O Type here to search Function Library Defined Names Formuls Auditing 030 Variable Home purchase price Downpayment (S) Mortgage interest rate Term of the loan Fees and closing costs 240000 0.05 -C4 C3 0.06 30 5000 -192 per month Loan Amount Monthly Loan Payment Total Monthly Payment PMT(C6/12,C7 12,C15) Compute the APR Net Inital Cash Flow Total Monthly APR Effective APR 19 C17 Monthly -EFFECT C22,12) 24 Over Life of Mortgage Total Payments Total Interest Paid 26 -C7 12 c16 C26+C15 28 Principal and Isterest 60 31 Interest Component Principal Component PMT C6/12,C30,C7*12c15) -C16-C31 34 35
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