PLEASE ANSWER CORRECTLY FOR PHASE $1$ AND PHASE $2$ : MY Property Address: $8264$ Scenic Ridge Ct$,$ Fort Collins, CO $80528$ Price: $$1,195,000$ Beds: $5$ Baths: $4$ Square Footage: $5,084$ sqft Estimated Monthly Payment: $$6,885/$mo Lot Size: $0\mathrm{.}87$ Acres Built: $1997$ HOA Fee: $$42/$mo $-$USE THE ABOVE PROPERTY AND ANSWER FOR PHASE $1$ AND PHASE $2$ WITH EXCEL SHEET CALCULATION STEP BY STEP: Phase $1$: Mortgage Origination & Amortization $$ Select a real residential property listing. $$ Research and compare $3$ real mortgage products $($e$.$g$.,30-$yr fixed, $15-$yr fixed, ARM$).30$ Year Fixed Rate Mortgage Interest rate fixed for entirety of the loan$$ Average interest at $6\mathrm{.}86\%$ right now Lower monthly payments due to longer maturity Predictability due to same payment each month End up paying greater amount over time $15$ Year Fixed Rate Mortgage$$ Higher monthly payments Pays off house faster$$ Lower interest overall on the loan$$ Loan is a shorter term$$ Adjustable Rate Mortgage $($Typically $30$ yr$)$ Given initial rate period, typically fixed at $3,5,7$ or $10$ Different interest per rate period Interest adjustment depends on market index Beneficial if selling or refinancing early Risk of higher payments through different rate periods $$ Calculate amortization schedules and graph the results. $$ Recommend the best mortgage based on borrower needs. $($find real mortgage rates$)$ Deliverables: $$ Summary of options $$ Amortization charts $$ Mortgage recommendation Phase $2$: Mortgage Decision$-$Making $$ Model rental income and expense cash flows under each mortgage option. $$ Analyze return metrics: Cash$-$on$-$Cash Return, IRR, NPV$.$ Perform scenario testing for interest rate and property value changes Deliverables: $$ Financial model in Excel $$ Risk$-$return analysis $$ Strategic recommendation memo