Question: Please show how use excel thank you! John Doe has just been offered a home loan towards purchase of house that is being sold for
Please show how use excel thank you!
John Doe has just been offered a home loan towards purchase of house that is being sold for $260,000. He will be required to make a 10% down payment, as well as mortgage processing fees and closing costs of $3,000. The loan has to be paid off in monthly payments over a 30-year period at a fixed interest rate of 7% per year compounded monthly. He will also be required to pay an additional $156 per month as mortgage insurance. Using Excel, answer the following questions:
(a) The monthly mortgage payment is $_. (enter as a positive number to the nearest dollar)
(b) The total monthly payment is $_. (enter as a positive number to the nearest dollar)
(c) The nominal APR is _% (to the nearest 2 decimal places)
The effective APR is _% (to the nearest 2 decimal places)
(d) Over the 30-year period, the total amount of interest paid on the loan is $_ (enter as a positive number to the nearest dollar).
(e) The interest amount in the month 66 payment is $_ (enter as a positive number to the nearest dollar)
The principal amount in the month 66 payment is $_ (enter as a positive number to the nearest dollar)
(f) The balance on the loan immediately after making the payment at the end of month 66 is $_ (enter as a positive number to the nearest dollar)
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