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QUESTION 1 1 points SaveAnswer Instructions: Use the Loan Amortization Excel spreadsheet to answer the following questions in the ve scenarios. Scenario 1. Imagine that you are a rstrtime home buyer. Rather than buy a new home, you decide to purchase an existing one. You find a nice home in a good location for $163,'l 25 You have a down payment of 20% (which is $32,625) and you decide on a 307yearxed rate loan. This means that you need to borrow a loan amount of $1 30,500. You shop around and learn that you qualify for an interest rate of4.8%. Your monthly (12) mortgage payments will begin next year onlanuary ist. Use the loan amortization template excel sheet to answer the questions by entering the above amounts indicated in each question in cells E37E6. What are your scheduled monthly payments? See cell E8 in the Excel spreadsheet. (Enter dollars and cents as numbers only, no dollar sign or commas.) QUESTION 2 1 points SaveAnswer Look at the first payment you will make (row 13 in the excel sheet). How much of the payment goes toward interest? (Enter dollars and cents as numbers only, no dollar sign or commas.) QUESTION 3 1 points SaveAnswer How much total interestwill you pay over the course of the loan on $130,500 at 4.8% over 30 years? See cell E10. (Enter dollars and cents as numbers only. no dollar Sign or commas) m 1 pulnts save Answer Considering totai interest paid, what is the totai cost otthe home? To answer, add the total price of the home to the total interest paid. (Enter doilars and cents as numbers only, no dollar sign or commas.) QUESTION 5 1 points SaveAnswer Scenario 2 (Questions 5-7): Now, you want some cash to buy some new furniture and carpeting foryour home. So. you choose to make a down payment ofoniy10% rather than 20%. Change the ioan amortization schedule so now you borrow $147,000. Leave ail other entries the same. What are your scheduled montniy payments on $147,000 at 4.8% over 3!) years? See cell E8. (Enter doilars and cents as numbers only, no dollar sign or commas.) QUESTION 6 1 points SaveAnswer How much total interestwill you pay over the course ofthe loan on $147,000 at 4.8% over 30 years? See ceil E10. [Enter dnilars and cents as numbers only. no dollar sign or commas.) _, ...... Compare the total interest paid with 20% down to the total interest paid with 10% down. In 30 years, do you think the purchase of furniture and carpeting today is worth it? Use economic reasoning to answer. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 [Mac]. BIQ'S' Paragraph VArial V14px VEEV=:VAVV7; XIEIIEQEE .. IIII UWORDS POWERED | QUESTION 5 1 points 5a Scenario 3 (Question 8}: After thinking about all the interest paid over a 307year span, you begin considering a 157year loan.After putting 20% down on a $163,125 house, imagine that you borrow $130,500 for 15 years. The interest charged will be lower given the shorter life of the loan. So, you nd a 4% mortgage rate. What are your scheduled monthly payments on $130,500 at 4% over 15 years? See cell E8. (Enter dollars and cents as numbers only, no dollar sign or commas.) QUESTION 9 1 points 5a Scenario 4 (Questions 9-11]: Let's turn to thinking about a car loan. A car loan is repaid (amortized) over a shorter period of time. Now, you are choosing between buying a new or used car. The used car has relatively low mileage and is in good condition. Both vehicles come with good warranties. You can borrow either $15,000 (new) or $5,000 (used) over3 years at 6.5% interest. How much more is the monthly payment for the $15,000 loan than the $5,000 loan? That is, calculate the payment for borrowing $15,000 at 6.5% interest for 3 years then substract the payment for borrowing $5,000. QUESTION 10 1 points SaveAnswer How much more is the total interest for the $15,000 loan than the $5,000 loan? That is. (altulate the total interest for borrowing M 5000 at 6.5% interest for 3 years then subtract the total interest for borrowing $5,000. [Enter dollars and cents as numbers only, no dollar sign or commas.) QUESTION 11 2 points Will you buy new or used? Explain by comparing benefits and costs. Also discuss from where the funds will come in your zero-based budgetwhen you purchase a car. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I H '3 Paragraph V Arial V 14px V V if V AV i V l; 3% [E] Q (j r) :2 E 2: g n- P OWORDS POWERED BV TlNV QUESTION 12 2 points Scenario 5 (Question 12): Your credit history will impact the interest rate that lenders are willing to offer you. If you have a high credit score, you Will pay a lower interest rate. lfyou have a low credit store. you Will pay a higher interest rate. What are your monthly payments and total interest if you borrow $15,000 over 3 years at 13.0% interest because of bad credit? See cells EB and E10. respectively. Using this data and comparing it to the lower interest earned by a positive credit history, describe what you think about the relationship between your credit score and interest rates. Use economic reasoning to answer. Click Save and Submit to save and submit. Click Save AHAnswers to some on muwers. Save All Answers Close WindowI