Please use Excel and show the equations used to solve for it. You do not need to show all years. First two years and last two

years is just fine.

Joe Smith, a young engineer has planned to buy a house that they could afford. He and

his spouse Jill, have been saving even before getting married and have put away about

$85'000. The average price of a startup house or condo is around 950'000 Dollars here in Los Angeles or Southern California.

These are the available options to take a conventional loan.

1. 30-years fixed with %20 down, if less than %20 down payment then must pay MI and

Escrow the property taxes monthly.

a. Note Rate: %3.5

b. Cost: 0.0 points

2. 15-years fixed (% 20 down)

a. Note Rate: %2.5

b. Cost: 0.0 points

3. 5-years Interest only Adjusted Rate Mortgage (ARM) with %3.5 down as the first time home buyer, then pay MI and also Escrow the property taxes monthly.

a. Note Rate: %3.75 (first 5-years), then variable

b. Cost: 2. points

Joe Smith, a young engineer has planned to buy a house that they could afford. He and his spouse Jill, have been saving even before getting married and have put away about $85'000. The average price of a startup house or condo is around 950'000 Dollars here in Los Angeles or Southern California. You are requested to research the following terms "TILA-RESPA Integrated Disclosures" RESPA, and Mortgage Insurance (MI) over the internet and find Closing Disclosure or HUD-1 Settlement Statement and the final Truth-in-Lending (TIL) statement in a real loan document. These are the available options to take a conventional loan. 1. 30-years fixed with %20 down, if less than %20 down payment then must pay MI and Escrow the property taxes monthly. a. Note Rate: %3.5 b. Cost: 0.0 points 2. 15-years fixed (% 20 down) a. Note Rate: %2.5 b. Cost: 0.0 points 3. 5-years Interest only Adjusted Rate Mortgage (ARM) with %3.5 down as the first time home buyer, then pay MI and also Escrow the property taxes monthly. a. Note Rate: %3.75 (first 5-years), then variable b. Cost: 2. points Joe Smith, a young engineer has planned to buy a house that they could afford. He and his spouse Jill, have been saving even before getting married and have put away about $85'000. The average price of a startup house or condo is around 950'000 Dollars here in Los Angeles or Southern California. You are requested to research the following terms "TILA-RESPA Integrated Disclosures" RESPA, and Mortgage Insurance (MI) over the internet and find Closing Disclosure or HUD-1 Settlement Statement and the final Truth-in-Lending (TIL) statement in a real loan document. These are the available options to take a conventional loan. 1. 30-years fixed with %20 down, if less than %20 down payment then must pay MI and Escrow the property taxes monthly. a. Note Rate: %3.5 b. Cost: 0.0 points 2. 15-years fixed (% 20 down) a. Note Rate: %2.5 b. Cost: 0.0 points 3. 5-years Interest only Adjusted Rate Mortgage (ARM) with %3.5 down as the first time home buyer, then pay MI and also Escrow the property taxes monthly. a. Note Rate: %3.75 (first 5-years), then variable b. Cost: 2. points