Question: PLEASE PROVIDE EXCEL FORMAT You are comparing houses in two towns in New Jersey. You have $ 1 0 0 , 0 0 0 to

PLEASE PROVIDE EXCEL FORMAT
You are comparing houses in two towns in New Jersey. You have $100,000 to put as a down payment, and 30-year mortgage rates are at 8%.
Chatham South Orange
Price of the house $400,000 $300,000
Annual Property Tax $6,000 $12,000
The houses are roughly equivalent.
a. Estimate the total payments (mortgage and property taxes) you would on each house. Which one is less expensive?
b. Are mortgage payments and property taxes directly comparable? Why or why not?
c. If property taxes are expected to grow 3% a year forever, which house is less expensive?

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