Question: Need help writing correct formula in excel. Calculate the total monthly payment: You want to buy a house that costs $250,000, you have $25,000 for

Calculate the total monthly payment: You want to buy a house that costs $250,000, you have $25,000 for a down payment, loan rate interest is 3.5% a year compounded monthly and you plan to get a 25 -year loan with a balloon payment of $30,000. Insurance costs $450 year and property taxes are 8% a year of the assessed value of the house. The assessed value is $120,000. You will need to use the PMT function to calculate the terms of the mortgage, and then you will need to manually add the monthly payments required to service both the insurance costs and property taxes. Remember to keep in mind whether you are paying the money or gaining the money. Financial Functions Lab 2 IS 201 Note: a balloon payment is where you take out a mortgage and after you have completed all the payments, you still owe this extra amount when the duration of the loan is completed. It can be entered in your equation is a future value of the loan. Numeric Answers to Exercises (you have to write the formulas to calculate the numbers)
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