Question: Please show your answer with ALL Excel formulas. Thank you 3. Gloria is in the market for a new home and she figures that she
Please show your answer with ALL Excel formulas. Thank you
3. Gloria is in the market for a new home and she figures that she can afford a monthly mortgage payment of $1800. Based on a 20% downpayment, a lender will commit to providing Gloria a 30-year mortgage loan at an annual rate of 6.5%. Using the Excel GOSEEK function, calculate the maximum price Gloria could afford to pay for a home in the worksheet and fill in the correct 3(a) information for the cells as labeled. Suppose Gloria can actually afford to pay $2000 per month on the same mortgage. Using the Excel GOSEEK function, recalculate the maximum 3(b) price she could afford to pay for the home and the other values for the cells as labeled. STEPS: (i) First set up monthly payment formula using Excel PMT formula. (ii) Use GOSEEK to find Loan Amount. (iii) Set up a formula to determine total payments over 360 months. (iv) Set up formula to solve for the interest portion of the total amount paid. Mortgage Loan Worksheet 3(a) 3(b) Input Cells Purchase Price: Down Payment: Loan Term (Months): Interest Rate (APR): 20% 20% 360 6.50% 360 6.50% Answers 3(a) 3(b) Loan Amount: Monthly Payment: Total Payments: Total Interest
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