Question: Please do don solve using Exel. Thank You! You have long been dreaming to buy a house in the city center. The real estate agent

Please do don solve using Exel. Thank You!

You have long been dreaming to buy a house in the city center. The real estate agent calls to present you with a very good choice: a brand-new 300.500 USD villa located in your favourite neighbourhood. Can you afford such an investment given your current deposits with the bank and any available loan option? Suppose you have currently a total of 44.000 USD in bank deposits and an annual salary of $60 000. The bank is willing to allow your monthly mortgage payment to be equal to 32% of your monthly income. The interest rate on the loan is 8% per year with monthly compounding for a 35-year fixed- rate loan. How much money will the bank be willing to loan to you? In the end, do you manage to finalize the purchase

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